European business travel spending rises 10% in 2024 – GBTA

Spending on business travel in Europe is projected to reach €360.4 billion in 2024, reflecting a 10.4 per cent increase on 2023, with growth coming despite multiple challenges for the sector.

According to new regional analysis announced by the Global Business Travel Association (GBTA) at its European convention in Copenhagen today (5 November), European spending on business travel is forecast to grow to €476.6 billion by 2028, with the rate of regional growth second only to Asia-Pacific.

European spending is expected to account for 26.4 per cent of global business travel spend (€1.36 trillion) in 2024, with that share of the global market sitting slightly below pre-Covid levels, according to GBTA’s Business Travel Index Outlook.

While business trip volumes have not recovered to pre-pandemic levels according to most industry sources, widespread inflation – pushing up airfares and hotel rates – has seen spending on business travel increase beyond 2019 records.

In its analysis, GBTA noted that while growth in business travel spending in Western Europe has outpaced emerging Europe since 2020, this year is expected to see that trend reverse, with spending in “emerging” Europe rising 14.7 per cent compared to 9.8 per cent growth in Western Europe.

According to the research, several European countries that had been slower to recover have now surpassed pre-pandemic spending levels, including Spain, Greece, the Netherlands, Austria and Switzerland.

In a survey of more than 1,000 European business travellers, GBTA observed a “heightened awareness of environmental concerns” with 22 per cent of respondents saying that limiting their carbon emissions is their top priority when travelling, compared to a global average of 16 per cent.

“We can see in this regional analysis that the value and demand for business travel in Europe continues to be strong,” said Catherine Logan, GBTA regional senior vice president, EMEA and APAC.

“At the same time, it also shows the critical importance for accelerating efforts to build a more sustainable industry. The future prosperity of business travel relies on embedding sustainability across all aspects of the travel experience.”