In 2021, the global business travel spending increased by only 5.5 percent after having dropped by more than half in the previous year as a result of the impact of the coronavirus (COVID-19) pandemic. This was the first recorded decline of expenditure on business tourism worldwide since 2010. Forecasts show that expenditure on business travel worldwide is expected to grow by nearly 34 percent in 2022.
Resuming business travel after COVID-19
The global health crisis significantly affected the business travel industry, as is evident from the significant drop in business travel spending in 2020. Specifically, the predicted loss in business travel spending worldwide due to COVID-19 added up to more than 700 billion U.S. dollars in 2020. While the pandemic is gradually becoming less severe, the impact it had on the travel industry remains. As of February 2022, around one out of ten employees worldwide were still either unwilling or unsure to take business trips.
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GBTA. (August 15, 2022). Percentage change in expenditure of business tourists worldwide from 2001 to 2022, with forecast until 2026 [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/
GBTA. "Percentage change in expenditure of business tourists worldwide from 2001 to 2022, with forecast until 2026." Chart. August 15, 2022. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/
GBTA. (2022). Percentage change in expenditure of business tourists worldwide from 2001 to 2022, with forecast until 2026. Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/
GBTA. "Percentage Change in Expenditure of Business Tourists Worldwide from 2001 to 2022, with Forecast until 2026." Statista, Statista Inc., 15 Aug 2022, https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/
GBTA, Percentage change in expenditure of business tourists worldwide from 2001 to 2022, with forecast until 2026 Statista, https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/ (last visited June 18, 2024)
Percentage change in expenditure of business tourists worldwide from 2001 to 2022, with forecast until 2026 [Graph], GBTA, August 15, 2022. [Online]. Available: https://www.statista.com/statistics/324786/global-business-travel-spending-growth-forecast/