Global business travel spending is forecasted to hit a new record of $1.48 trillion in 2024, surpassing the pre-pandemic peak of $1.43 trillion reached in 2019. According to the Global Business Travel Association (GBTA), this growth signifies a "new era of post-pandemic stabilization." Projections indicate that spending will continue to increase, crossing the $2 trillion mark by 2028.
The growth rate in business travel spending is expected to moderate, with an estimated rise of just over 11% in 2024, following more significant increases in the previous two years. The GBTA predicts an annual compound growth rate of 6.95% from 2025 to 2028. A large portion of this spending is allocated to lodging, which amounted to $501 billion in 2023, leading over air travel, food and beverage, and other travel expenses.
The United States remains a major market for business travel, with projected spending of $361.6 billion for 2024, ranking just behind China. This resurgence in business travel reflects the industry's resilience and adaptability, providing substantial support to the global and U.S. economies. However, GBTA CEO Suzanne Neufang notes that the sector may face challenges from evolving economic conditions, technological advancements, and sustainability trends in the coming years.
U.S. companies are expected to boost their corporate travel budgets by 14% to 15% annually over the next two years, according to Deloitte. To meet this increasing demand, major hotel chains like Marriott International, Hilton, and Wyndham have introduced specialized booking platforms for business travelers.
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