Global business travel spending is likely to surge in 2022 with full recovery expected in 2024 – ending the year on pace with the 2019 pre-pandemic spend of $1.4 trillion, and a year sooner than previously forecast, according to just released research findings.
This is despite business travel recovery in 2021 proceeding slower than expected.
The Global Business Travel Association (GBTA), says most members and stakeholders (79%) would be ‘very comfortable’ or ‘comfortable’ travelling for business after receiving the Covid-19 vaccination. Almost half support mandatory testing prior to travel to ensure the safety of clients when meeting face-to-face.
The latest findings come from the 16th instalment of the coronavirus poll, conducted by GBTA since the onset of the pandemic to measure its impact on business travel.
The Global Business Travel Association (GBTA) says that a full recovery of the sector globally to pre-pandemic levels is expected by 2025.
However, the association’s latest BTI Outlook study also predicts a 21% increase in business travel this year over the dire 2020 results – with most of the gain expected to come at the end of 2021 as vaccinations increase globally and consumer confidence returns.