According to information compiled by the Turkish Tourism Encyclopedia from the report published by the Global Business Travel Association (GBTA), global business travel spending is expected to reach $1.6 trillion by the end of 2024 and is projected to exceed $2 trillion by 2029.

GBTA's annual Business Travel Index Outlook report predicts moderate growth in the short term, while also highlighting 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 growth is observed to be slowing down. In particular, uncertainties in trade policies are stated to have led to downward revisions in growth expectations for 2025 and 2026. For example, the previous estimate for 2025 was 0.4 percent, while 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, in 2025, business travel spending in the top 15 countries will reach a total of $1.3 trillion. The United States ($395.4 billion) and China ($373.1 billion) account for 58 percent of this total. The United States has regained the top spot on the list, with China in second place, followed by Germany, Japan, and the United Kingdom.

Turkey Among the Fastest Growing

Some of the fastest growing markets among the top 15 countries are India, South Korea, and Turkey. In contrast, Spain and the Netherlands are expected to experience very limited growth or a slight decline. 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 participants stated that they found business travel valuable.

While 74 percent of the participants stated that they had taken 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 in 2024 increased from $834 to $1,128.