The global business travel industry has rebounded at a more accelerated rate than expected just a year ago and is now expected to surpass its pre-pandemic spending level of $1.4 trillion in 2024 − and grow to nearly $1.8 trillion by 2027.
Recovery in business travel continues to vary by region. Western Europe was the fastest growing region globally in 2022. North America and Latin America saw spending growth accelerate significantly in 2022. Emerging Europe continues to lag in its recovery, challenged by the war in the Ukraine.
Regionally, Asia Pacific was the big laggard last year given the delayed reopening of the Chinese economy. Chinese business travel spending fell 4.6% last year, dropping China down to the #2 business travel market in the world for the first time since 2014. However, China is expected to recover back to being the #1 business travel market in the world by the end of 2023.
Business travel spending recovery also continues to differ based on industry, with construction, education, and professional, scientific and technical activities showing the most resiliency.
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