Business travel spending recovers in all regions but Asia and Europe

🌈 Abstract

The article discusses the recovery of global business travel spending in 2023, with some regions reaching pre-pandemic levels while others still lag behind. Key points:

• Global business travel spending in 2023 increased 30% to $1.34 trillion, but remains 7% below pre-pandemic levels.
• North America, Latin America, the Middle East and Africa have recovered to pre-pandemic spending levels.
• The Asia-Pacific region saw the fastest growth, led by South Korea and India, but China's recovery is still lagging.
• Western Europe's spending increased 33% in 2023 but is still 6% below pre-pandemic levels.
• The industry association predicts spending will reach a new record of $1.48 trillion by the end of 2024.

🙋 Q&A

[01] Global Business Travel Spending Recovery

1. What were the key regions that recovered to pre-pandemic levels of business travel spending in 2023?

• North America
• Latin America
• The Middle East
• Africa

2. Which region saw the fastest growth in business travel spending in 2023? The Asia-Pacific region, led by increases in South Korea (27%) and India (22%).

3. How did business travel spending in China perform compared to pre-pandemic levels? Business travel spending in China increased 9% year-over-year in 2023, but still trails behind pre-pandemic levels.

4. How did Western Europe's business travel spending perform compared to pre-pandemic levels? Business travel spending in Western Europe increased 33% in 2023 compared to 109% in 2022, but was still 6% below pre-pandemic levels.

[02] Global Business Travel Spending Outlook

1. What is the industry association's prediction for global business travel spending by the end of 2024? The industry association predicts that global business travel spending will reach a new record of $1.48 trillion by the end of 2024, surpassing the pre-pandemic record of $1.43 trillion.

2. How does the current global business travel spending compare to pre-pandemic levels when adjusted for inflation? When adjusted for inflation, global business travel spending in 2023 was 22% lower compared to 2019 pre-pandemic levels.