A poll of 707 international travel buyers, suppliers and industry professionals – conducted by the Global Business Travel Association – found that 59% of travel buyers expect business travel spending and volume to increase in 2024, compared to last year. Half of the respondents said volumes would increase by up to 20%, with 9% saying the increase would likely exceed 20%; about 28% said business trip volumes would be unchanged this year, while 11% said volumes would decrease. On spending, two-thirds of buyers said their company would spend more on travel year over year – 11% said the increase would be higher than 20%, while 55% said the increase would be 20% or lower. Just over 20% said they expect spending to be flat between 2023 and 2024, and 12% projected a spending decrease.

The survey showed the travel industry is largely ready to move on from pre-pandemic trends. According to the survey, 57% of respondents called comparisons with 2019 “no longer relevant.” The pandemic ranked at the bottom of respondents’ concerns for 2024, while cost was the top-ranked concern.

A separate report from Research and Markets forecasted that global business travel spending will reach nearly $1 trillion annually by 2030, despite the rise of virtual meetings and work-from-home programs.

Sources: Business Travel News; Business Traveler

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