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In the two and a half years since the start of the Covid-19 pandemic, every industry has fundamentally changed, from healthcare and retail to shipping and manufacturing. But one of the first and most deeply affected industries to feel the first brunt of the pandemic is travel.
Mass cancellations of flights, trains and rental cars in March 2020 sent the travel sector into a tailspin, with business travel the hardest hit. Before the pandemic, the global business travel industry was responsible for $1.4 trillion in direct spending. With spending expected to grow 38% this year to bring global business travel spending back above $1 trillion, a return to pre-pandemic levels may not occur until 2024 at the earliest.
To better understand the future outlook for travel in various global markets, Travel Perk used the Global Business Travel Association’s Business Travel Spending Report to rank the countries with the highest spending on domestic and international business travel.
There are several challenges in forecasting business travel in such uncertain times. The GBTA report focuses on the ability to analyze high-frequency data on flight and hotel demand and its correlation with other economic and epidemiological data. Generally speaking, the business travel movement rises and falls with international results. However, there is a significant break in the trend in 2020 as the pandemic affects business travel more than overall economic activity.
This study of global business travel activity looked at 73 countries from 44 different industries, and the top 14 are included in this story. Initially, Russia was excluded from the 15 due to the impact of the war on business travel forecasts.
The study includes business travel spending, productivity and growth, and understands business travel spending as domestic and international travel expenses, taking into account the origins of business travel. The sources used are from the supply side such as airlines, hotels and rental companies as well as government, travel research groups and others.
The data points presented contain estimates derived from actual business travel figures for 2019-2020 and projected figures for 2021-2025. As part of the comprehensive list, data from around the world on Covid-19 is included.
Many countries still apply different travel restrictions, making it difficult for the sector to fully recover. An updated map of the latest restrictions is available on the World Travel Restrictions website of the United Nations World Food Programme.
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