Worldwide, 8th October: The World Travel & Tourism Council (WTTC) has released a new report showing that business travel to surpass pre-pandemic levels this year, reaching US$1.5 trillion.

Business travel is back due to business leaders re-emphasised the importance of face-to-face interaction.

Julia Simpson, WTTC president & CEO, stated, “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world. Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic, keeping people and businesses connected, today’s report shows that business is better face to face.”

Separately, CWT and the Global Business Travel Association (GBTA) released a special supplement titled “2040: Baseline, Boom, or Bust”, examines three distinct scenarios that could define the future of business travel.

In the Base Case scenario, business travel is projected to stabilise with a moderate growth rate, reaching just over 1 billion passengers by 2024. Under the Boom scenario, business travel will experience robust growth, with global business travellers exceeding 1.2 billion passengers by 2024. In the Bust scenario, business travel growth slowly, with business travellers of about 800 million by 2024.

Nick Vournakis, executive vice president and chief customer officer at CWT, said, “The future of business travel is at a critical juncture, driven by technological advancements, sustainability mandates, and evolving global dynamics. Our report emphasises the need for businesses to be adaptable and proactive in their travel strategies. Whether navigating a boom in global travel or adapting to a slowdown, businesses that proactively integrate technology, prioritise sustainability, and stay agile will be best positioned to thrive in this shifting landscape.”