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WTTC: Business Travel Expenditures to Achieve Two-Thirds of Pre-COVID-19 Levels by 2022

Business travel spending in countries worldwide is expected to increase by more than a quarter during this year and reach two-thirds of the pre-pandemic levels until 2022, according to a recent report published by the World Travel and Tourism Council (WTTC).

The same shows that in Europe, business travel spending will mark a 36 per cent increase during this year, followed by a 28 per cent increase during next year, SchengenVisaInfo.com reports.

Besides Europe, the business travel spending in the following territories will also significantly increase:

  • Middle East- an increase by 49 per cent during this year, followed by a 41 per cent increase during the following year.
  • Asia-Pacific- an increase by 32 per cent this year, while a total of 41 per cent increase is expected during the next year.
  • Americas- an increase by 14 per cent during this year, and a total of 35 per cent increase during the following year.

Such a report has been conducted by the WTTC together with McKinsey & Company, named ‘Adapting to Endemic Covid-19: The Outlook for Business Travel’.

The report has highlighted that there is expected a 26 per cent increase in business travel spending during this year, followed by an increase of a total of 34 per cent during 2022.

The business sector, among others, has been highly affected by the spread of the Coronavirus and its new strains. According to the report, as this sector is essential for the economic sector, it is important that stakeholders find a standard solution in order to help this sector recover from the damages caused by the Coronavirus.

According to the President & CEO Hilton, Chris Nassetta, a return to business travel will be essential in the industry’s recovery from the Coronavirus outbreak situation.

“We’re continuing to see incremental progress, and this report illustrates just how important business travel is to the global economy. Travel and tourism will continue to drive progress for millions around the world – especially as people begin travelling again,” Nassetta pointed out.

In this regard, the Chief Executive Officer of Dubai Airports International, Paul Griffiths, has stressed that the loss of mobility that billions of people have experienced during the COVID-19 served as a reminder of the immense social and economic contribution that travel and tourism bring on the global population.

“Whilst the proliferation of digital communications is set to transform the way we do business, it has also proven that so many aspects of our lives are dependent on the level of social interaction uniquely afforded by the ability to travel,” Griffiths has stressed.

Furthermore, the report published by the WTTC also shows how world travel-related spending marked a significant decrease during 2020, compared to the figures of 2019, as a result of the restriction imposed by many governments in order to halt the further spread of the Coronavirus and its new strains.

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