by Donald Wood
Last updated: 3:25 PM ET, Tue November 2, 2021
A new study found business travel spending is set to increase by more than 25 percent for the remainder of 2021 and could reach two-thirds of pre-pandemic levels by 2022.
According to data from the World Travel & Tourism Council (WTTC), business travel is experiencing a modest boost with global business travel spending rising 26 percent this year, followed by a further increase of 34 percent in 2022.
The gains followed pandemic-related losses of 61 percent in business travel spending in 2020. While international travel restrictions devasted the business sector, the report suggests companies adjust their revenue models, expand geographic focus and improve digital services to speed up the recovery.
WTTC President Julia Simpson said the shared challenge of restoring business travel would also depend on ongoing collaboration and partnerships across the private and public sectors and nurturing new relationships.
Data also showed shows which regions around the world are leading the revival in business travel, including the Middle east (increasing by 49 percent this year), Europe (36 percent), Africa (36 percent), Asia-Pacific (32 percent) and the Americas (14 percent).
"A return to business travel will be critical in our industry's recovery from the pandemic," Hilton President Chris Nassetta said. "We're continuing to see incremental progress and this report illustrates just how important business travel is to the global economy."
"Travel and tourism will continue to drive progress for millions around the world - especially as people begin traveling again," Nassetta continued.
Last year, the travel and tourism sectors suffered losses of almost $4.5 trillion, with more than 62 million people losing their jobs. Domestic visitor spending decreased by 45 percent, while international visitor spending fell by an unprecedented 69.4 percent.
While demand for business travel has been slower to recover than leisure, corporate policies continue to influence business travel demand based on national travel restrictions.
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