2023 GBTA Business Travel Index Outlook
“The BTI data also reflects the remarkable efforts of the industry to adapt, innovate and thrive despite the challenges, along with the ongoing role and value of business travel to economies, companies and professionals worldwide.” The report points out that if recession risks do not come to fruition, business travel spending will continue getting fueled. However, the progress made in the fight against COVID-19 is deemed the biggest driver as it allowed for the return to in-person events and meetings.
In fact, during that period, business travel spending fell by 4.6 percent, knocking China down to the second market in the category for the first time since 2014, almost a decade ago. Recovery is coming though, with the re-opening nation expected to regain its number-one crown by the end of 2023 with a 39 percent projected growth for the year.