“However, we must remain vigilant and adaptive to potential headwinds in this period of stabilisation, as factors such as changing economic conditions, technological advancements, and sustainability developments will also shape the sector ahead.”

The 16th edition of the GBTA BTI covers 72 countries and 44 industries and includes survey data and analysis from 4,100 business travelers across five global regions. 

Travel spending recovery

Last year, the overall business travel expenditures hit $1.34 trillion, including $282 billion for air travel and $165 billion for ground transportation.

It also included $501 billion in lodging, $242 billion for food, and $142 billion for other travel expenses, according to the report.

Recovery in business travel varied by region in the past year, with Asia-Pacific (36%), Western Europe (33%), and North America (23%) in the lead. In 2024, China and the United States are expected to remain as the top two markets for overall business travel spending.