Wednesday, June 19, 2024 The global business travel sector has rebounded from the pandemic, entering 2024 with robust momentum. A majority of travel buyers have seen rises in bookings and expenditures for 2023 and foresee sustained growth in the year ahead, with a focus on sustainable practices within their companies. Nearly 60% of travel buyers are optimistic about increased travel activities next year, with two-thirds predicting a rise in business travel expenses.
However, industry experts anticipate challenges, including escalating travel costs, economic uncertainties, delayed corporate budget allocations, and potential travel disruptions. Moreover, nearly half of the travel buyers have adjusted their travel policies and programs in response to the shift towards remote and hybrid work models. This outlook stems from the latest Business Travel Outlook Poll by the Global Business Travel Association (GBTA), which gathers insights from travel buyers, suppliers, and other stakeholders worldwide on the state and future expectations of business travel.
Over 700 business travel professionals from 41 countries contributed to this 33rd installment of the GBTA’s ongoing series. On the economic front, the GDP of the United States, which stood at approximately $27.36 trillion in 2023, is expected to rise steadily, reaching up to $41.
65 trillion by 2034, according to projections by the Congressional Budget Office (CBO). This growth underscores the broader economic stability and potent.
