Business Travel in 2024: Prediction vs. Reality
GBTA and other institutions predicted the corporate travel spends to be at $1.4 trillion in 2024, but they exceeded expectations and reached $1.48 trillion.
Claymont, DE, December 24, 2024 --(PR.com)-- 2024 saw an uptick in corporate travel despite the rising airfares (up from 4.7%) and hotel prices (up by 3.7%) as compared to 2023 (French n. d.). ITILITE also saw an increase of around 75% in the volume of travel with its customers, as compared to the last year, showcasing how quickly corporate travel has recovered from the pandemic.
At the end of 2023, it was predicted that global business travel would recover to its pre-pandemic level of $1.4 trillion in 2024 (GBTA 2023). However, 2024 performed even better and reached a record high of $1.48 trillion. According to GBTA, 86% of business travelers validated the same.
Based on year-end interviews (sample of 50 users), ITILITE discovered that 72% of this sample traveled more in 2024 as compared to what they accounted for this year. 64% of this sample, i.e. 32 out of 50 people traveled majorly for conferences and exhibitions.
ITILITE asked its customers how they beat the inflation and still managed to have higher travel volumes - 67% of the sample mentioned that they strategized their travel and ensured trips were being planned and justified based on their potential to deliver measurable value to the company. In addition to this, travelers were also combining trips to maximize the ROI. Greater attention was paid to longer-term planning and team management to ensure no trips were wasted, which meant every departure needed to undergo a cost-benefit analysis.
Additionally, companies found numerous ways to cut costs through stricter approvals, reduction in last-minute bookings, reduction in cost leakages, fraud detection, and alternative payment modes. ITILITE also saw a 10% increase in user adoption for its card product within the last 6 months. This led to 52% of hotel bookings being done through cards. According to GBTA, 61% of global business travelers were given a corporate credit card by their employer ensuring expenses are tracked.
In 2025 the business travel industry is predicted to reach $1.6 trillion (GBTA, 2024). ITILITE expects to see a similar to this year or a slightly higher percentage increase in the travel volumes of its users in 2025.
At the end of 2023, it was predicted that global business travel would recover to its pre-pandemic level of $1.4 trillion in 2024 (GBTA 2023). However, 2024 performed even better and reached a record high of $1.48 trillion. According to GBTA, 86% of business travelers validated the same.
Based on year-end interviews (sample of 50 users), ITILITE discovered that 72% of this sample traveled more in 2024 as compared to what they accounted for this year. 64% of this sample, i.e. 32 out of 50 people traveled majorly for conferences and exhibitions.
ITILITE asked its customers how they beat the inflation and still managed to have higher travel volumes - 67% of the sample mentioned that they strategized their travel and ensured trips were being planned and justified based on their potential to deliver measurable value to the company. In addition to this, travelers were also combining trips to maximize the ROI. Greater attention was paid to longer-term planning and team management to ensure no trips were wasted, which meant every departure needed to undergo a cost-benefit analysis.
Additionally, companies found numerous ways to cut costs through stricter approvals, reduction in last-minute bookings, reduction in cost leakages, fraud detection, and alternative payment modes. ITILITE also saw a 10% increase in user adoption for its card product within the last 6 months. This led to 52% of hotel bookings being done through cards. According to GBTA, 61% of global business travelers were given a corporate credit card by their employer ensuring expenses are tracked.
In 2025 the business travel industry is predicted to reach $1.6 trillion (GBTA, 2024). ITILITE expects to see a similar to this year or a slightly higher percentage increase in the travel volumes of its users in 2025.
Contact
ITILITE
Veronica Khathuria
+1 833-460-5669
itilite.com
Veronica Khathuria
+1 833-460-5669
itilite.com
Contact
Categories