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Procurement

Business travel recovery to take until 2024… or longer

By Mark Frary / 3 February 2021 / Contact Reporter
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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.

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