A new report from the World Travel & Tourism Council (WTTC) reveals that business travel is poised to surpass pre-pandemic levels this year, reaching an unprecedented $1.5 trillion. This marks a significant milestone in the global recovery of corporate travel, which had lagged behind leisure travel in its post-COVID-19 resurgence.
The Return of Face-to-Face Connections
While virtual platforms dominated the corporate world during the pandemic, replacing in-person meetings and conferences, the pendulum is swinging back toward face-to-face engagement. Last year, business travel spending globally remained 5.4% below 2019 levels, even as leisure travel nearly rebounded, lagging just 2.9%.
This year, however, business leaders are reaffirming the critical value of in-person interactions, and corporate travel spending is expected to grow 6.2% above its 2019 peak.
Julia Simpson, WTTC President & CEO, emphasized the importance of this resurgence during the organization’s 24th Global Summit in Perth, Western Australia:
“After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world. Business is better face-to-face.”
U.S. and China Lead the Charge
The WTTC’s 2024 Economic Impact Trends Report points to the U.S. and China as the largest drivers of this growth. In the U.S., which accounted for 30% of global corporate travel spending in 2019, this year’s figures are projected to soar to $472 billion — 13.4% above pre-pandemic levels. Similarly, China’s business travel sector is expected to climb 13.1%, reaching nearly $211 billion.
Europe is also contributing significantly to this growth. Germany’s corporate travel spending is set to hit $87.5 billion, just edging past its 2019 record, while the UK and France are forecast to inject $84.1 billion and $42.1 billion, respectively, into their economies through business travel.
Why Business Travel Is Surging
Several factors are fueling the resurgence of business travel:
1. Economic Recovery and Reinvestment: As global economies rebound, companies are reinvesting in corporate travel to facilitate growth and client engagement.
2. Blended Travel Trends: The rise of “blended travel,” where business trips are extended for leisure purposes, has made corporate travel more appealing for professionals seeking to balance work and personal life.
3. MICE Industry Rebound: The meetings, incentives, conferences, and exhibitions (MICE) sector has resumed in-person events, driving demand for travel.
Paul Abbott, CEO of American Express Global Business Travel, highlighted the broader implications of travel’s return:
“We always said travel was a force for good, driving economic and societal progress. When travel stopped, GDP plummeted, unemployment soared, and the world became a less tolerant place. Companies now understand that travel is essential for growth and creating winning cultures.”
The Shift Toward Premium Experiences
Corporate travelers are also prioritizing quality over quantity. Nearly 28% of travelers increasing their budgets are doing so to splurge on longer trips, upgraded accommodations, and premium airfare. Personalization and convenience remain key, with many leveraging social media and AI tools to streamline their travel planning.
Remote Work and Laptop Lugging
The rise of remote work has reshaped how and when people travel for business. Nearly half (49%) of employed business travelers plan to work remotely during their longest leisure trip this year, up from 34% in 2024. These “laptop luggers” often extend their trips and are more likely to travel internationally, combining work and personal exploration in one journey.
Looking Ahead
The $1.5 trillion milestone reflects not just a recovery, but a reimagining of what business travel can be. By blending work, leisure, and cultural experiences, professionals and companies alike are redefining the value of travel.
For travel providers, this presents a unique opportunity to foster loyalty by delivering personalized and innovative experiences. As business travel surpasses its pre-pandemic heights, its future seems brighter than ever.
