Global business travel back to two-thirds of pre-pandemic levels by 2022
Global business travel spending looks set to rise by more than a quarter this year, according to the World Travel & Tourism Council (WTTC).
It says it will reach two thirds of pre-pandemic levels by 2022.
The forecast comes in a major new WTTC report in collaboration with McKinsey & Company called ‘Adapting to Endemic Covid-19: The Outlook for Business Travel’.
It draws on research, analysis and in-depth interviews with travel and tourism business leaders.
Business travel was disproportionately affected by Covid-19 and has been much slower to resume.
Julia Simpson, WTTC CEO & President, said: "Business travel is starting to pick up. We expect to see two thirds back by the end of 2022.
"Business travel has been seriously hit but our research shows room for optimism with Asia Pacific and Middle East first out of the starting blocks".
According to the new report, global business travel spend will rise 26% this year will be followed by a further rise of 34% in 2022.
However this comes in the wake of a 61% collapse in business travel spend in 2020.
Considering this year and next, WTTC data shows the idle East regions is leading the revival in business travel with spending set to rise by 49% this year.
Next is Asia-Pacific with business spending expected to rise by 32% this year, and 41% next year.
The report predicts Europe business travel spend to grow by 36%.
The WTTC’s report also shows significant changes over the past 18 months, particularly in demand, supply, and the overall operating environment which affect business travel.
It found the pandemic has been a catalyst for change, driving the move to digital.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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