The global business travel market was worth approximately *** billion U.S. dollars in 2020, according to data published by Allied Market Research. This value is expected to grow by *** percent in 2028.

In 2024, the global business travel spending increased by more than ** percent. In the following years, it is expected that the expenditure of business tourists keeps growing, but not at the same pace. Resuming business travel after COVID-19 The global health crisis significantly affected the business travel industry, as is evident from the significant drop in business travel spending in 2020. Specifically, the predicted loss in business travel spending worldwide due to COVID-19 added up to more than *** billion U.S. dollars in 2020. While the pandemic is gradually becoming less severe, the impact it had on the travel industry remains. As of February 2022, around one out of ten employees worldwide were still either unwilling or unsure to take business trips. Most expensive cities for business travel Studies have identified the most expensive cities when embarking on travel for business purposes. In 2020, Tokyo was the most expensive city for business travel worldwide based on daily costs. Average costs per day in the capital city of Japan amounted to ****** U.S. dollars in that year. Looking at the most expensive cities for business travel worldwide by daily hotel costs, however, Tel Aviv reported the highest daily prices.

As a result of the COVID-19 impact on the global travel market, the expenditure of business tourists from the Asia Pacific region declined to a little over *** billion U.S. dollars in 2020. Meanwhile, the total business travel spending of Western Europeans and North Americans amounted to less than *** billion U.S. dollars.

The coronavirus (COVID-19) pandemic massively disrupted global travel and tourism in 2020. Countries across the globe enacted emergency measures and travel bans to curb the spread of the virus. Due to the impact of the pandemic, business tourism spending in Europe fell dramatically in 2020 over the previous year. Overall, Germany was the European country recording the highest figure in 2020, with spending on business trips amounting to 36 billion U.S. dollars that year, dropping from 66.5 billion U.S. dollars in 2019. The United Kingdom reported the second-highest expenditure in Europe in 2020, at over 23 billion U.S. dollars.

As a result of the coronavirus (COVID-19) pandemic, the global business travel market is predicted to see a loss of ***** billion U.S. dollars in revenue in 2020. Business travel spending in China, the origin country of the virus, is projected to see the biggest loss from COVID-19, decreasing by a total of ***** billion U.S. dollars. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

The coronavirus (COVID-19) pandemic massively disrupted global travel and tourism in 2020. Countries across the globe enacted emergency measures and travel bans to curb the spread of the virus. Due to the impact of the pandemic, business tourism spending fell dramatically in 2020 over the previous year across all global regions. Overall, Asia Pacific recorded the highest figure in 2020, with spending on business trips amounting to nearly 174 billion U.S. dollars that year, dropping sharply from over 403 billion U.S. dollars in 2019. Europe reported the second-highest expenditure in 2020, adding up to 152 billion U.S. dollars.

Business travel spending of tourists from United States decreased by nearly ********** in 2020 compared to the previous year, most likely as a result of the coronavirus (COVID-19) pandemic. This tourism segment expenditures is forecast to recover to pre-pandemic levels by 2024.

Global business tourism spending was estimated to reach approximately **** trillion U.S. dollars in 2024, surpassing pre-pandemic levels. Business travel is a branch of the tourism industry focusing on trips made for work-related purposes. Attending congresses, meetings, and trade fairs, for instance, are among the main activities related to this market.

The liabilities of Global Business Travel Group, Inc. with headquarters in the United States amounted to *** billion U.S. dollars in 2024. The reported fiscal year ends on December 31.Compared to the earliest depicted value from 2020 this is a total increase by approximately *** billion U.S. dollars. The trend from 2020 to 2024 shows, furthermore, that this increase happened continuously.

Venezuelan and Brazilian business travel spending were the most affected by the coronavirus (COVID-19) pandemic in 2020. When compared to the total recorded in the previous year, the expenditure of business tourists from Venezuela plunged by more than ** percent, while Brazilian business travelers' total spending dropped by more than half in 2020.

The total expenses of Germans traveling for business purposes amounted to ** billion U.S. dollars in 2020. This was a marked reduction compared to the previous year, when business travel expenditure reached roughly ** billion U.S. dollars. The coronavirus (COVID-19) pandemic and related travel restrictions could explain why the expenses of business travelers decreased by **** percent in 2020. Meanwhile, forecasts show that the sector will recover to pre-pandemic levels by 2024.

The total assets of Global Business Travel Group, Inc. with headquarters in the United States amounted to *** billion U.S. dollars in 2024. The reported fiscal year ends on December 31.Compared to the earliest depicted value from 2020 this is a total increase by approximately *** billion U.S. dollars. The trend from 2020 to 2024 shows, however, that this increase did not happen continuously.

In 2023, the number of domestic business person-trips in the United States increased over the previous year by more than ** percent. It was forecast that this growth would decline year-over-year in the following five years.

Domestic business travel spending in the United States reached over *** billion U.S. dollars in 2023. This figure has seen growth since 2020 where it fell to *** billion U.S. dollars as a result of travel restrictions caused by the coronavirus (COVID-19) pandemic. Travel spending is forecast to reach almost *** billion U.S. dollars by 2028.

The United Kingdom and the United States registered the highest drop in the expenditure of business travelers in 2020, with declines above ** percent. By contrast, Chinese and Turkish business tourism spending went down by ** and ** percent in that year.

Business tourists from Italy spent roughly ** billion U.S. dollars in 2020, which amounted to a ** percent reduction in expenses compared to the previous year. The coronavirus (COVID-19) pandemic and related travel restrictions can be attributed to for the dramatic drop in business travel spending in 2020. The business tourism segment is forecast to recover by 2024.

Online sector has taken a bigger slice in Chinese business travel management market. In 2020, over ** percent of business travel bookings in China were accomplished through online travel agencies and portals. In 2021, online travel agencies' market share dropped to ** percent, whereas the share of travel management companies grew to almost ** percent.

Business travelers usually made up the highest spending group in the sector of travel and tourism in Côte d'Ivoire. In 2020, business visitors generated around *** billion U.S. dollars, whereas leisure spending added up to *** million U.S. dollars. Overall, the spending decreased compared to 2019.

Leisure travelling usually made up the highest spending in the sector of travel and tourism in Cape Verde. In 2020, leisure travels generated around 180 million U.S. dollars, whereas business spending added up to 34 million U.S. dollars. Overall, the spending decreased compared to 2019.

The COVID-19 pandemic caused the number of international leisure visitor arrivals in the United States to plummet from less than **** million in 2019 to almost *** million in 2020. A similar development was seen among U.S. inbound tourist arrivals carried out for business or work purposes.