News to Know

European Business Travel Spending to Hit $391.1 Billion USD (360.4 Billion euros) in 2024, Reflecting Strong Growth Amid Economic Challenges

European business travel spending is projected to reach $391.1 billion USD (360.4 billion euros) in 2024, reflecting a 10.4% increase from 2023. Additionally for this year, Europe is estimated to account for 26.4% of total global business travel spending of $1.48 trillion (1.36 trillion euros).

Economic factors and global political uncertainty continue to impact the business travel sector in Europe, with Western Europe and Emerging Europe continuing to diverge. And although Europe's business travel market has made significant strides in recovering from the pandemic, its share of the global market remains slightly below pre-COVID levels.

Looking ahead at the five-year forecast, European spending is expected to grow faster than most global regions but slower than Asia Pacific and is expected to reach $517.2 billion (476.6 billion euros) by 2028. Europe is expected to account for 25.8% of anticipated global business travel spending of $2 trillion (1.84 trillion euros) in 2028.

This is according to new regional analysis from the Global Business Travel Association’s 2024 Business Travel Index (BTI™) Outlook report made possible by Visa.

This latest data was released today at the GBTA + VDR Europe Conference 2024 in Partnership with the Nordic Business Travel Associations being held in Copenhagen.

Read the full announcement here.

Industry Spotlight

GBTA Webinar
It’s Election Day in U.S. – What the Election Results Could Mean for Business Travel?

It’s Election Day here in U.S. and soon we will know who will win the presidential race, and who will control the House of Representatives and the Senate.

Would you like to know what these election results could mean for business travel industry?

We invite you to register for a “U.S. Elections Analysis: What’s In-Store for Business Travel” webinar on December 10. Join us to hear how we expect policymakers to focus their efforts in the next four years, what potential legislative issues could be acted on, and what are the opportunities for business travel.

Register for the event, regardless of your ability to join live all registrants will receive a recording of the webinar.

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