A new study found that global business travel spending is expected to make a full return in 2024 when the sector returns to pre-pandemic totals.
According to a report from the Global Business Travel Association (GBTA), the business travel industry declined by 53.8 percent in 2020 to $661 billion, but started to bounce back in 2021 by jumping 14 percent to $754 billion.
While 2021 saw the restart process slowly kick into gear, the GBTA is predicting a year-over-year surge of 38 percent and an increase in business travel spending to around $1 trillion. In 2023, officials said global spending is expected to rise 23 percent year-over-year.
Finally in 2024, the GBTA is forecasting global business travel making a full recovery and ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion. The industry…