Business Travel News Europe Business Travel News Europe
Business Travel News
  • NEWS & FEATURES
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
  • CONVERSATIONS
    • Expert Q&A
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
  • IN DEPTH
    • Global Insights: India in motion
    • A class of its own
    • Cracking the data puzzle
    • Culture club: How to engage global stakeholders
    • Artificial intelligence: Don't believe the hype
    • Artificial Intelligence
  • DATA & INSIGHTS
    • Reading the cards
    • Come together
    • Experience is everything
    • Stay for a while
    • Data disturbance
    • VIEW ALL
  • EVENTS
    • Webinars
    • Business Travel Show
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
  • RESOURCES
    • Leading 50 TMCs
    • Corporate cards & payments 2020
    • Podcasts
    • Recent Issues
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Taking On Travel Risk Management
    • The Distribution Issue
    • Data Sources: The Reference Guide
  • NEWS & FEATURES
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
  • CONVERSATIONS
    • Expert Q&A
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
  • IN DEPTH
    • Global Insights: India in motion
    • A class of its own
    • Cracking the data puzzle
    • Culture club: How to engage global stakeholders
    • Artificial intelligence: Don't believe the hype
    • Artificial Intelligence
  • DATA & INSIGHTS
    • Reading the cards
    • Come together
    • Experience is everything
    • Stay for a while
    • Data disturbance
    • VIEW ALL
  • EVENTS
    • Webinars
    • Business Travel Show
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
  • RESOURCES
    • Leading 50 TMCs
    • Corporate cards & payments 2020
    • Podcasts
    • Recent Issues
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Taking On Travel Risk Management
    • The Distribution Issue
    • Data Sources: The Reference Guide
Business Travel News
  • NEWS & FEATURES
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
    SubscribeBTN Europe NewsletterBTN Europe Magazine
  • CONVERSATIONS
    • Expert Q&A
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
    Andrew Foster appzenHow to revamp T&E in the age of Covid
    Sarah Wilkin, founder and CEO, Fly Green AllianceSustainability should be front and centre of travel’s recovery
    Scott Gillespie tClaraBusiness travel has peaked. Here's our future
  • IN DEPTH
    • Global Insights: India in motion
    • A class of its own
    • Cracking the data puzzle
    • Culture club: How to engage global stakeholders
    • Artificial intelligence: Don't believe the hype
    • Artificial Intelligence

  • DATA & INSIGHTS
    • Reading the cards
    • Come together
    • Experience is everything
    • Stay for a while
    • Data disturbance
    • VIEW ALL
    Reading the cardsReading the cards

    BTN Europe presents an overview of business travel and MICE predictions for this year

  • EVENTS
    • Webinars
    • Business Travel Show
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
    Business Travel Show Europe Kick Off

    Virtual, 25 February 2021

    5th Annual Global Travel Risk Summit Europe Virtual Event

    Virtual Event - 21 April 2021

    Sustainable Business Travel Summit Europe

    Virtual Event - 9 June 2021

  • RESOURCES
    • Leading 50 TMCs
    • Corporate cards & payments 2020
    • Podcasts
    • Recent Issues
    • Business Travel Buyer's Handbook
    • Business Travel Buyer's Techbook
    • Taking On Travel Risk Management
    • The Distribution Issue
    • Data Sources: The Reference Guide

Procurement

Business travel recovery to take until 2024… or longer

By Mark Frary / 3 February 2021 / Contact Reporter
Share

Spending on business travel will only recover to pre-pandemic levels in 2024, according to research released yesterday by the Global Business Travel Association (GBTA).

In a webinar to announce the findings of its annual BTI Outlook, based on research by Rockport Analytics, the association said that global annual spend on business travel would recover to US$1.4 trillion by 2024, compared with US$1.43 trillion spent in 2019. 

However, 2024 will not mean recovery for every market. Rockport principal Jon Gray said that Asia Pacific, driven by China, would be at the head of the pack, with business travel recovering by 2023. He said that Europe and North America would only be at 75 to 85 per cent of pre-pandemic spend by the same year.

The chart below shows the expected recovery in spend in various regions around the world between now and 2024.

GBTA regional outlook

Gray added, ”While corporations are well positioned financially to resume investment in business travel, a full recovery will require critical mass in global vaccination, implementation of health controls into duty of care policy, favourable business traveller sentiment and a return to open national trade policies.”

The association said yesterday that Covid's effect on business travel spend in 2020 was ten times worse than that of 9/11 or the 2008 global financial crisis.

More Travel Procurement
Related
German buyers increasingly happy with suppliers’ hygiene protocolsGerman buyers increasingly happy with suppliers’ hygiene protocols
Nearly half of business travellers plan to travel lessFour out of five comfortable with travelling after vaccination
Calculator budgetAnalysis: Travel budgets – just where do you start?

More Travel Procurement

German buyers increasingly happy with suppliers’ hygiene protocols
Four out of five comfortable with travelling after vaccination
Analysis: Travel budgets – just where do you start?
Covid’s devastating effect on UK travel turnover

VIEW ALL
Subscribe to the

BTN Europe Newsletter

pixel2

Click Here for our Terms and Conditions and Privacy Policy.

  • Most Read
  • Most Shared
  1. Emirates to introduce surcharges for GDS content
  2. UK government to launch review of international travel
  3. Geall takes on consolidated EMEA role at Amex GBT
  4. Click Travel CEO Jill Palmer departs
  5. New podcast: Will digital health passports unlock business travel?
  1. German companies starting to lift travel restrictions
  2. TripActions picks up UK tech giant’s account
  3. Emirates to introduce surcharges for GDS content
  4. Lack of business trips demotivating travellers
  5. Arrivals in the UK face additional Covid tests
Business Travel News Europe Business Travel News Europe
  • About us
  • Contact us
  • Advertise
  • EDITORIAL CALENDAR
  • Business Travel Show
BUSINESS TRAVEL NEWS
NORTHSTAR TRAVEL GROUP
Business Travel News
  • About us
  • Contact us
  • Advertise
  • Editorial calendar
  • Editorial guidelines
  • Subscribe to BTN Europe
  • Subscribe to BTN U.S.
  • Subscribe to Travel Procurement
  • Privacy policy
  • Terms & conditions
Business Travel News Europe
Business Travel News Travel Procurement The Beat
Northstar Travel Group
  • Corporate travel
  • Business Travel Show
  • Business Travel Awards
  • BTN U.S.
  • The Beat
  • Travel Procurement

  • Travel Technology
  • Travel Tech Show
  • Phocuswire
  • Phocuswright
  • Intelliguide
  • Meetings & incentives
  • M&IT
  • AMI
  • ConventionSource
  • M&IT Awards

  • Retail travel
  • Travel Weekly
  • Travel Pulse

  • Northstar Travel Group
  • View all Northstar brands
Northstar Travel Group
Copyright ©2021 Northstar Travel Media, LLC. All rights reserved. 100 Lighting Way Secaucus, NJ 07094 USA | Telephone: (201) 902-2000
RRManagement rrtestprocurement