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The Standard Spa , Miami Beach , is marketed as less of a hotel and more of an adults-only spa with guestrooms .
Global business travel is likely to jump 11.1 % to $ 1.48 trillion by the end of this year .
BY 2028 , GLOBAL BUSINESS TRAVEL SPENDING IS EXPECTED TO SURPASS $ 2 TRILLION .
By KATHAKALI NANDI
T
he business travel industry has shown resilience as it seems to move past the pandemic and progresses into post-pandemic stabilization . By the end of this year , global business travel spending is projected to climb to $ 1.48 trillion , up from 2019 spending which set a record at $ 1.43 trillion , according to a recent annual global report and forecast by the Global Business Travel Association ( GBTA ).
By 2028 , global business travel spending is expected to surpass $ 2 trillion , driven by economic stability . This indicates a strong path head for the business travel sector , in terms of expenditure .
Business travel around the world is likely to jump 11.1 % this year , following important years in 2022 and 2023 of 30 % to 47 % YOY growth . Growth will be gradually moderate , with an annual compound growth rate of 6.95 % from 2025 and 2028 .
Global business travel spending in 2023 touched $ 1.34 trillion . This includes $ 501 billion for lodging , $ 282 billion for air travel , $ 245 billion for food and beverage , $ 165 billion for ground transportation and $ 142 billion for other travel expenses , the study revealed .
However , although the recovery has been impressive , when adjusted for inflation , spending levels are likely to remain behind pre-pandemic highs in the coming years , which means that
86 hotelsmag . com September 2024