Business travel will recover to pre-pandemic levels in 2025, according to a GBTA report published this week.
The organisation’s annual BTI Outlook, based on studies of business travel spending and growth in 75 countries across 48 industries, forecasts a 21% increase in business travel spending this year, mostly coming at the end of 2021 as vaccinations increase globally and consumer confidence returns.
In 2022, the BTI Outlook forecasts further acceleration in business travel, including a significant pick-up in group meeting activity and international business travel.
While annual business travel spending growth is expected to slow in 2023, the GBTA believes it will remain well above historical average rates of growth of 4.6%.
By the end of 2024, annual business travel spending is projected to reach approximately $1.4 trillion, almost equalling the 2019 pre-pandemic revenue peak of $1.43 trillion.
A full recovery to pre-pandemic levels is expected by 2025.
“The pandemic has been devastating for business travel and it’s clear our industry will take some time to recover given the challenges we’re facing on multiple fronts,” said Dave Hilfman, GBTA Interim Executive Director.
“Economic recovery is already underway, although it is very uneven across countries and sectors.”