Business travel sets record
A new report comes from world travel and tourism council (WTTC) revealed that business travel will surpass pre-pandemic levels this year faster than previous forecasts, reaching a record $1.5. The rise of remote working during the pandemic has had a disproportionate impact on business travel compared to leisure travel, with virtual platforms replacing in-person meetings. Last year, leisure travel was just 2.9% below its 2019 peak, while business travel continued to struggle, still lagging 5.4%. But as business leaders re-emphasize the importance of face-to-face interaction, business travel has now made a comeback and is set to grow a whopping 6.2% from 2019 levels to a new record of $15,000. U.S. and China resume business activities According to WTTC’s 2024 Economic Impact Trends ReportIn 2019, business travel spending in the United States accounted for 30% of the global total and is expected to reach $472 billion this year, 13.4% higher than the 2019 record. As the world's second-largest business travel market,…
WTTC says US market strong
World Travel and Tourism Council (WTTC) today released its 2024 Economic Impact Trends ReportData shows that the United States has become the world's most powerful tourism market, contributing a record $2.36 trillion to the U.S. economy last year. Despite slow growth in international visitor spending, the United States maintained its lead, with its economic contribution nearly double that of its nearest competitor. The travel and tourism industry has enjoyed a record year and continues to be the backbone of many national economies while supporting millions of jobs around the world. Other countries' performance The global tourism body’s latest report shows that China will become the world’s second-largest market, contributing $1.3 trillion to GDP in 2023, highlighting the impressive rebound of its economy despite a late reopening of its borders. Germany ranked third with an economic contribution of $487.6 billion, while Japan, which ranked fifth in 2022, jumped to fourth place with a contribution of $297 billion. The United Kingdom ranked…
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