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

In 2019 (earlier than the pandemic), the enterprise journey business accounted for $1.4 trillion in world spending. Whereas 2022 spending was nonetheless lagging because of 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 drive. Not solely does company journey inject cash into the tourism business and native economies, it additionally results in improved productiveness and earnings. Even on this planet of Zoom and telecommuting, the necessity for enterprise journeys isn’t going away anytime quickly.

It’s telling that firms carve out a big finances 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 line with the ACCOR Business of Travel Report, enterprise professionals count on 25% extra income generated from touring for in-person collaboration over digital conferences.

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

Listed below are the important thing enterprise journey spending statistics to grasp the financial impacts of the enterprise journey business.

Enterprise Journey Spending by Nation

International enterprise journey spending is very concentrated in a number of international locations with industrial economies, with China and the USA far outpacing the remainder of the world.

Listed below are the highest 15 international locations for enterprise journey spending in response to the 2023 Business Travel Index Outlook from the GBTA.

It’s no shock that, with a number of exceptions, these identical international locations are additionally the best ranked for GDP. Apparently, Russia is the one nation within the prime ten for GDP that doesn’t seem on this record.

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

The remainder of the world mixed solely provides $207 billion to the overall world enterprise journey spending. As with many different metrics, this exhibits how a lot the world’s financial exercise and wealth is concentrated inside a number of areas. These 15 international locations 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 probably the most cash. The chart under exhibits the overall 2022 spending throughout 5 classes in response to the GBTA.

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

Enterprise Journey Spending vs Leisure Journey Spending

Whereas enterprise journey is a big business, leisure journey is even larger. The desk under exhibits whole journey spending divided between enterprise and leisure journey in response to Statista.

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

Nonetheless, that breakdown isn’t constant throughout all journey industries. Resorts, eating, and vacationer actions typically make rather more cash from leisure vacationers, however many airways truly earn a bigger share of income from enterprise vacationers.

In line with Investopedia, solely 12% of airline passengers are enterprise vacationers. Nonetheless, as a result of enterprise vacationers pay increased charges, extra typically ebook last-minute, and usually tend to fly top notch, they’ll 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 further 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 important part of the journey business.