Enterprise Journey Statistics [2007-2024]: Market & Pattern Knowledge Evaluation

In 2019 (earlier than the pandemic), the enterprise journey trade accounted for $1.4 trillion in international spending. Whereas 2022 spending was nonetheless lagging resulting from pandemic restoration ($1.03 trillion), the Global Business Travel Association (GBTA) predicts enterprise journey spending will surpass pre-pandemic ranges in 2024 and proceed to develop to $1.8 trillion in 2027.

With a lot being spent, the enterprise journey market is a big financial pressure. Not solely does company journey inject cash into the tourism trade and native economies, it additionally results in improved productiveness and earnings. Even on the earth of Zoom and telecommuting, the necessity for enterprise journeys isn’t going away anytime quickly.

It’s telling that firms carve out a big funds for company journey spending. Clearly, there’s an anticipated return on funding for firms to be prepared to make the spend, particularly for the reason that common enterprise journey is commonly costlier than leisure journey.

In response to the ACCOR Business of Travel Report, enterprise professionals anticipate 25% extra income generated from touring for in-person collaboration over digital conferences.

It’s value understanding how a lot is spent on enterprise journey, the place that cash goes, and when firms resolve enterprise journey is value it.

Listed here are the important thing enterprise journey spending statistics to know the financial impacts of the enterprise journey trade.

Enterprise Journey Spending by Nation

World enterprise journey spending is very concentrated in a couple of nations with industrial economies, with China and the US far outpacing the remainder of the world.

Listed here are the highest 15 nations for enterprise journey spending in accordance with the 2023 Business Travel Index Outlook from the GBTA.

It’s no shock that, with a couple of exceptions, these similar nations are additionally the very best ranked for GDP. Curiously, Russia is the one nation within the prime ten for GDP that doesn’t seem on this checklist.

Enterprise vacationers are nearly universally touring inside or between these 15 nations.

The remainder of the world mixed solely provides $207 billion to the entire international enterprise journey spending. As with many different metrics, this exhibits how a lot the world’s financial exercise and wealth is concentrated inside a couple of areas. These 15 nations make up solely about half the worldwide inhabitants, however they account for 85% of the worldwide enterprise journey spending.

Enterprise Journey Spending Classes

Enterprise journey could be damaged into a number of spending classes to see the place firms are spending essentially the most cash. The chart under exhibits the entire 2022 spending throughout 5 classes in accordance with the GBTA.

It’s straightforward to imagine that airfare can be the main expense for enterprise journeys. In actuality, it’s solely third on the checklist after lodging and meals. Lodging is the biggest spending by far for company journey, accounting for greater than double the quantity of some other class.

Enterprise Journey Spending vs Leisure Journey Spending

Whereas enterprise journey is a big trade, leisure journey is even greater. The desk under exhibits whole journey spending divided between enterprise and leisure journey in accordance with Statista.

On common, solely 15.2% of journey spending comes from enterprise journey. 84.8% is from leisure journey.

Nevertheless, that breakdown shouldn’t be constant throughout all journey industries. Accommodations, eating, and vacationer actions typically make rather more cash from leisure vacationers, however many airways truly earn a bigger proportion of income from enterprise vacationers.

In response to Investopedia, solely 12% of airline passengers are enterprise vacationers. Nevertheless, as a result of enterprise vacationers pay larger charges, extra typically ebook last-minute, and usually tend to fly top notch, they will account for as much as 75% of airline earnings.

Whereas many leisure vacationers attempt to save as a lot cash on airfare as attainable, companies are sometimes extra prone to spend additional for upgraded enterprise journey consolation.

Analysis from Business Traveler discovered that 33% of worldwide enterprise journey flights are in premium class, and 13% of home enterprise journey flights are in premium class.

Whereas leisure journey is considerably bigger, enterprise journey spending continues to be a vital element of the journey trade.