GBTA: European business travel spending to hit $391.1bn. in 2024

Spending set to rebound to pre-pandemic levels

The Global Business Travel Association (GBTA) has predicted that business travel spending in Europe will reach $391.1 billion by 2024, returning to pre-pandemic levels.

The association expects the recovery to be driven by a strong rebound in air travel, which is forecast to grow by 10.2% in 2023 and 7.1% in 2024.

Strong growth expected across all sectors

GBTA predicts that all sectors will experience strong growth, with the strongest growth in the technology, healthcare, and finance sectors.

Overall spending on business travel is expected to reach $1.7 trillion by 2024, up from $1.3 trillion in 2022.

The recovery in business travel is expected to be driven by several factors, including the easing of travel restrictions, the resumption of business events, and the growing importance of face-to-face interactions in building relationships and closing deals.

The GBTA's forecast is based on a survey of 1,500 business travelers in Europe. The survey found that 83% of respondents plan to increase their business travel in 2023, and 91% plan to increase their travel in 2024.

The GBTA's forecast is in line with other recent predictions. The International Air Transport Association (IATA) has predicted that global air travel will reach pre-pandemic levels by 2024. The World Travel & Tourism Council (WTTC) has predicted that the global travel and tourism sector will grow by 5.8% in 2023 and 6.3% in 2024.