Business Travel Statistics [2007-2024]: Market & Trend Data Analysis

In 2019 (earlier than the pandemic), the enterprise journey trade accounted for $1.4 trillion in world spending. While 2022 spending was nonetheless lagging as a consequence of pandemic restoration ($1.03 trillion), the Global Business Travel Association (GBTA) predicts enterprise journey spending will surpass pre-pandemic ranges in 2024 and proceed to develop to $1.8 trillion in 2027.

With a lot being spent, the enterprise journey market is a major financial pressure. Not solely does company journey inject cash into the tourism trade and native economies, it additionally results in improved productiveness and income. Even on the planet of Zoom and telecommuting, the necessity for enterprise journeys isn’t going away anytime quickly.

It’s telling that firms carve out a major finances for company journey spending. Clearly, there’s an anticipated return on funding for firms to be keen to make the spend, particularly for the reason that common enterprise journey is usually costlier than leisure journey.

According to the ACCOR Business of Travel Report, enterprise professionals count on 25% extra income generated from touring for in-person collaboration over digital conferences.

It’s value understanding how a lot is spent on enterprise journey, the place that cash goes, and when firms determine enterprise journey is value it.

Here are the important thing enterprise journey spending statistics to grasp the financial impacts of the enterprise journey trade.

Business Travel Spending by Country

Global enterprise journey spending is extremely concentrated in a number of nations with industrial economies, with China and the United States far outpacing the remainder of the world.

Here are the highest 15 nations for enterprise journey spending in accordance with the 2023 Business Travel Index Outlook from the GBTA.

It’s no shock that, with a number of exceptions, these similar nations are additionally the best ranked for GDP. Interestingly, Russia is the one nation within the high ten for GDP that doesn’t seem on this checklist.

Business vacationers are nearly universally touring inside or between these 15 nations.

The remainder of the world mixed solely provides $207 billion to the overall world enterprise journey spending. As with many different metrics, this reveals how a lot the world’s financial exercise and wealth is concentrated inside a number of areas. These 15 nations make up solely about half the worldwide inhabitants, however they account for 85% of the worldwide enterprise journey spending.

Business Travel Spending Categories

Business journey could be damaged into a number of spending classes to see the place firms are spending probably the most cash. The chart under reveals the overall 2022 spending throughout 5 classes in accordance with the GBTA.

It’s simple to imagine that airfare can be the main expense for enterprise journeys. In actuality, it’s solely third on the checklist after lodging and meals. Lodging is the most important spending by far for company journey, accounting for greater than double the quantity of every other class.

Business Travel Spending vs Leisure Travel Spending

While enterprise journey is a big trade, leisure journey is even greater. The desk under reveals whole journey spending divided between enterprise and leisure journey in accordance with Statista.

On common, solely 15.2% of journey spending comes from enterprise journey. 84.8% is from leisure journey.

However, that breakdown shouldn’t be constant throughout all journey industries. Hotels, eating, and vacationer actions typically make way more cash from leisure vacationers, however many airways truly earn a bigger proportion of income from enterprise vacationers.

According to Investopedia, solely 12% of airline passengers are enterprise vacationers. However, as a result of enterprise vacationers pay larger charges, extra typically guide last-minute, and usually tend to fly top quality, they’ll account for as much as 75% of airline income.

While many leisure vacationers attempt to save as a lot cash on airfare as attainable, firms are sometimes extra more likely to spend further for upgraded enterprise journey consolation.

Research from Business Traveler discovered that 33% of worldwide enterprise journey flights are in premium class, and 13% of home enterprise journey flights are in premium class.

While leisure journey is considerably bigger, enterprise journey spending continues to be a crucial part of the journey trade.