The Global Business Travel Association (GBTA) reported that business travel spending is expected to increase by 21 percent in 2021 as the vaccination rate increases in Covid-19 and consumer confidence returns.
The Global Business Travel Association (GBTA) announced its outlook on the business travel industry.
Accordingly, business travel spending is estimated to increase by 21 percent worldwide this year.
“Most of this increase (21 percent) is expected to occur by the end of 2021, as the vaccination rate has surged globally and consumer confidence returns,” the report said.
The report predicted that business travel spending will return to pre-Covid-19 levels by 2025.
While the business travel market has grown steadily in recent years, it has suffered huge losses with the Covid-19 outbreak and the travel bans that come with it. Many conferences have been canceled and moved online.
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