Publish Time:2021-02-05 09:51:01Source:Travel Daily Media
【Introduction】:Business travel spending is forecast to grow 21% this year worldwide, helped by the rollout of COVID-19 vaccines, but will not recover to pre-pandemic levels until the middle of the decade.
Business travel spending is forecast to grow 21% this year worldwide, helped by the rollout of COVID-19 vaccines, but will not recover to pre-pandemic levels until the middle of the decade. This was revealed by the Global Business Travel Association (GBTA) in its new survey.
Spending on business travel is projected to rise to USD 842 billion in 2021, according to the GBTA BTI Outlook, after dropping 52% in 2020 to USD 694 billion due to the pandemic.
After a decade of steady annual growth, business travel is expected to have shown losses in 2020 that were 10 times greater than the declines after the Sept. 11, 2001, attacks or the 2008 recession, GBTA said.
Despite the expected growth in travel in 2021, uncertainty around vaccination progress and US President Joe Biden’s policies can affect the recovery.
“The continued rollout of the vaccine will be central to recovery globally, as will decisions the new Biden Administration makes regarding global trade and border and quarantine policies,” said Dave Hilfman, GBTA’s interim executive director.
As US airlines also expect, the group said businesses are likely to spend more on travel that cannot be duplicated with online meetings such as sales calls and service trips. The proportion of companies’ travel budget spent on internal meetings is estimated to decline 6%, compared with 2019, the group said.
By the end of 2024, business travel spending is projected to reach about USD 1.4 trillion, nearly equalling the 2019 pre-pandemic revenue peak of USD 1.43 trillion, the group said. It projects a full recovery in 2025. Key developing economies in Asia Pacific will drive global growth in business travel over the next decade, the group said.
Riga Airport Urges Passengers to Travel...
Rome is a Yellow Zone: Museums...
Dubai Announces New Travel Protocols...
American Poll Lists South Wales as a...
Destination DC Launches New Website to...
Lisbon is the Cleanest Capital of...
Vie di Dante - Best in Travel 2021...
WTCF Delegation Attends 8th Annual...
The 2020 Branch Conference of World...
WTCF Attends the Global Tourism Economy...
WTCF Signed a Strategic Cooperation...
WTCF Held a Forum on the "Tourism...
WTCF is Specially Invited to Attend the...
The World Conference on Tourism...
Florence| Victoria| Torino| Sevilla| Chinese Friendly International| Innova TaxFree Group| World Travel & Tourism Council| World Tourism Organization| Pacific Asia Travel Association| Beijing Tourism Development Commission| UN| WINTAC Business Development GmbH| WEN WEI PO| Via Hansa| TUI AG| The Beijing News| Taikang Life Insurance Co.| Skyscanner| Sina.com| Shanghai Spring International Travel Service| MasterCard| Kuoni| Kempinski Hotels| JTB| Okura Nikko Hotel Management Co., Ltd.| ICBC| Hong Kong Airlines| HanaTour| Four Seasons Hotels and Resorts| DFS| Ctrip.com| Costa Crociere S.p.A.| Club Med| Chinese National Geography| China UnionPay| China Travel Service| China Southern Airlines| China News Service| China International Travel Services| China Daily| CYTS| CCTV| China Association of Private Equity| Chengdu Shuangliu International Airport| Carnival Corporation & Plc| Capital Airports Holding Company| CAISSA| BTG International Travel & Tours| Beijing UTour| Beijing Tourism Group| Beijing Gongmei Group| Beijing Capital International Airport| American Tours International| American Express| America Asia Travel Center Inc.| Air China| Abercrombie & Kent| Zurich| Zhangjiajie| Yangzhou| Xiamen| Xi’an| Wuhan| Wellington| Washington| Wales| Vienna| Veliko Tarnovo| Vancouver| Valletta| Toronto| Tianjin| Thessaloniki| Tel Aviv-Yafo| Taiyuan| Sofia| Athens| Shanghai| Seoul| Sapporo| Sanya| San Francisco| Rome| Riga| Rabat| Qingdao| Prague| Pomorie| Plovdiv| Penang| Paris-Île de France| Ottawa| Nicosia| Nice| Nanjing| Mudanjiang| Moscow| Monterrey| Minsk| Milan| Marigot| Macao| Luoyang| Los Angeles| London| Lisbon| Kunming| Kathmandu| Jiaozuo| Jakarta| Houston| Hong Kong| Helsinki| Harbin| Hangzhou| Hamburg| Gwangju| Guangzhou| Geneve| Fez| Edinburgh| Dublin| Dubai| Dalian| Copenhagen| Colombo| Chongqing| Chengdu| Casablanca| Cairo| Busan| Buenos Aires| Budapest| Brussels| Boston| Berlin| Beijing| Barcelona| Bangkok| Bandung| Astana| Amsterdam| Altay| Almaty
E-Mail Login|Contact Us|Careers|Legal disclaimer
世界旅游城市联合会版权所有 备案号:京ICP备19050424号-1
Our legal counselors: lawyer Song Yunfeng & lawyer He Wen, both from Dacheng Law Offices