Synopsis: The worldwide corporate travel sector is making headway toward reaching pre-pandemic 2019 spending levels of $1.4 trillion, but the recovery has encountered significant challenges for the global tourism sector including airlines, railways, and other transport
The worldwide corporate travel sector is making headway toward reaching pre-pandemic 2019 spending levels of $1.4 trillion, but the recovery has encountered significant challenges for the global tourism sector including airlines, railways, and other transportation.
Early in 2022, travel restrictions and numerous macroeconomic conditions deteriorated while many countries’ recovery-related Covid-19 situations improved. According to the 2022 GBTA Business Travel Index Outlook – Annual Global Report and Forecast, these new developments are changing the timing, trajectory, and pace of business travel’s recovery, both globally and by region, pushing the forecast for full recovery into 2026 instead of 2024 as previously predicted.
The GBTA BTI is an annual analysis of business travel spending and growth that was unveiled at the GBTA Convention in San Diego in 2022. It covers 73 countries and 44 industries. This most recent research, now in its 14th edition, presents predictions for international business travel between 2022 and 2026.
The prior BTI, published in November 2021, forecast an increase in worldwide business travel expenditures in 2022, with a full return to the pre-pandemic level of $1.4 trillion by 2024. Although post-Covid recovery is facing many challenges experts are positive that gradually tourism sector will recover. Travelers are required to carry things with them during their trip.
The 2022 BTI outlook’s highlights are as follows:
- In 2021, the total cost of international business travel increased to $697 billion, 5.5% more than the pandemic-era low of 2020. The worldwide business travel industry faced challenges similar to those it will face in 2020 as it tries to establish “normalcy” after the epidemic. Of the $770 billion lost in 2020, the industry made up about $36 billion in 2021.
- Global recovery has been hampered by deteriorating economic conditions and shifting secular patterns in 2022. As a result, when it reaches $1.39 trillion in 2025, international business travel will almost reach pre-pandemic levels.
- It won’t be until the middle of 2026 that global spending will fully return to the $1.4 trillion mark. It is anticipated to reach $1.47 trillion at that time.
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