GBTA taps into European business travel spending trends
European business travel spending is projected to reach $391.1 billion USD (360.4 billion euros) in 2024, reflecting a 10.4% increase from 2023. Additionally, for this year, Europe is estimated to account for 26.4% of total global business travel spending of $1.48 trillion (1.36 trillion euros).
Economic factors and global political uncertainty continue to impact the business travel sector in Europe, with Western Europe and Emerging Europe continuing to diverge. And although Europe’s business travel market has made significant strides in recovering from the pandemic, its share of the global market remains slightly below pre-COVID levels.
For European business travellers, lodging remains the largest category of business travel spending, followed by food and beverage and air travel. Additionally, multi-modal and more sustainable transport options continue to grow across the region. European business travellers are increasingly prioritising sustainability but may not always choose more sustainable travel options.
This is according to new regional analysis from the Global Business Travel Association’s 2024 Business Travel Index (BTI™) Outlook report made possible by Visa. This latest data was released today at the GBTA + VDR Europe Conference 2024 in Partnership with the Nordic Business Travel Associations being held in Copenhagen.
Looking ahead at the five-year forecast, European spending is expected to grow faster than most global regions but slower than Asia Pacific and is expected to reach $517.2 billion (476.6 billion euros) by 2028. Europe is expected to account for 25.8% of anticipated global business travel spending of $2 trillion (1.84 trillion euros) in 2028.
Catherine Logan, GBTA Regional Senior Vice President, EMEA and APAC, observed: “We can see in this regional analysis that the value and demand for business travel in Europe continues to be strong. At the same time, it also shows the critical importance for accelerating efforts to build a more sustainable industry. The future prosperity of business travel relies on embedding sustainability across all aspects of the travel experience.”
Go to www.gbta.org for more.
