Growth rate of global business travel spending 2001-2028
In 2024, the global business travel spending increased by more than 11 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 700 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 652.38 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.
