EXPECTATIONS ARE GROWING IN THE BUSINESS TRAVEL MARKET: $2 TRILLION IN 2029
According to the information compiled by the Turkish Tourism Encyclopedia from the report published by the Global Business Travel Association (GBTA), global business travel expenditures, which are expected to reach $1.6 trillion by the end of 2024, are projected to exceed $2 trillion by 2029.
GBTA's annual Business Travel Index Outlook report foresees moderate growth in the short term, while also drawing attention to regional and sectoral differences. According to experts, global spending is expected to increase by 8.1 percent in 2026, 6.4 percent in 2027, and 6.3 percent in 2028.
Trade Tensions Slowing Growth
After double-digit growth in the last two years, the momentum of increase is observed to be slowing down. It is stated that uncertainties in trade policies, in particular, have led to downward revisions in growth expectations for 2025 and 2026. For example, while the previous estimate for 2025 was 0.4 percent, this rate has now been updated to 6.6 percent. For 2026, the expectation was reduced from 9.2 percent to 8.1 percent.
Significant differences are observed in regional and sectoral distributions. According to the report, business travel spending in the top 15 countries will reach a total of $1.3 trillion in 2025. The USA ($395.4 billion) and China ($373.1 billion) account for 58 percent of this total. In the list where the USA regained the top spot, China ranks second, followed by Germany, Japan, and the UK.
Turkey Among the Fastest Growing
Some of the fastest-growing markets among the top 15 countries stand out as India, South Korea, and Turkey. In contrast, very limited growth or a slight decrease is expected in Spain and the Netherlands. Sectorally, spending in areas such as arts, entertainment, and professional services has exceeded pre-pandemic levels, reaching increases of over 20 percent.
Confidence in Business Travel is Increasing
According to a survey conducted by GBTA with the participation of more than 7,300 business travelers in a total of 33 countries in North America, Europe, Asia Pacific, Africa, Latin America, and the Middle East, 86 percent of the participants stated that they found business trips valuable.
While 74 percent of the participants stated that they took 1 to 5 business trips last year, more than 80 percent said that they traveled as frequently or more frequently compared to before 2019. The average spending per business trip, which was $834 in 2024, increased to $1,128.
