Thursday, November 7, 2024 European business travel spending is forecasted to reach $391.1 billion USD (360.4 billion euros) in 2024, marking a notable 10.
4% increase compared to the previous year. This growth highlights Europe’s steady recovery from the pandemic, though its share of the global market, projected to be 26.4% of total global business travel spending ($1.
48 trillion USD), remains slightly below pre-COVID levels. These findings, detailed in the 2024 Business Travel Index (BTITM) Outlook report by the Global Business Travel Association (GBTA) in collaboration with Visa, were presented at the GBTA + VDR Europe Conference 2024 in Copenhagen. Despite positive momentum, European business travel faces challenges due to economic factors and ongoing political uncertainties.
Notably, Western Europe and Emerging Europe exhibit diverging growth patterns. Western Europe, traditionally a robust market, has been outpaced by Emerging Europe for the first time since the war in Ukraine began, with Emerging Europe expected to grow by 14.7% in 2024 compared to Western Europe’s 9.
8%. Western Europe’s recovery is stabilizing, with 11 of its 16 countries forecasted to experience business travel spending growth between 7% and 13% this year. In Western Europe, real estate activities are leading the way with a 15.
6% growth in business travel spending, followed by the arts, entertainment, and recreation sector at 13.6%, and public administration and defense at 12.7%.
Emerging Europe.