A recent report from the World Travel and Tourism Council (WTTC) indicates that business travel is expected to exceed pre-pandemic levels this year, achieving a record of 1.5 trillion U.S. dollars, aided by China’s rapid growth, which is projected to soon surpass the United States as the largest travel and tourism market globally.
During the conclusion of WTTC’s 24th Global Summit in Perth, Australia, President and CEO Julia Simpson stated that after several challenging years, the business travel sector is not only recovering but doing so more quickly than anticipated.
“Key business hubs like the United States, China, and Germany are anticipated to achieve record figures this year,” she noted. Simpson added that while virtual meetings were vital for maintaining connections during the pandemic, the report highlights that in-person interactions yield better business outcomes.
According to the WTTC’s “2024 Economic Impact Trends Report,” business travel spending in the United States, which accounted for 30 percent of the global total in 2019, is slated to reach 472 billion dollars this year—a 13.4 percent increase over the 2019 record. In China, the second-largest market for business travel, spending is predicted to rise by 13.1 percent above 2019 levels, approaching 211 billion dollars.
“China is very likely to overtake the United States as the largest travel and tourism market in the coming years. Within China, there is a robust domestic market, and more Chinese are traveling internationally, bringing us close to 2019 figures,” Simpson commented.
She added, “Chinese travelers are exceptional. They appreciate nature and have a strong inclination for shopping, which is fantastic. Chinese tourists account for about 15 percent of total global spending, and we warmly welcome them everywhere.”
In 2023, the travel and tourism sector’s contribution to global gross domestic product (GDP) neared pre-pandemic levels, reaching 9.9 trillion dollars—just 4 percent off the industry’s peak.
