Business travel spending globally is rebounding at a faster-than-expected rate and is forecast to exceed its pre-Covid levels of $1.4 trillion in 2024 and grow to nearly $1.8 trillion by 2027 amid stable economic conditions.
The accelerated pace of recovery is due to pent-up demand, the return of in-person meetings and widespread economic recessions failing to materialise, according to the Global Business Travel Association (GBTA)'s latest annual outlook report.
The recovery is taking place faster than the previously projected timeline of mid-2026.
Global business travel spending in 2022 rose 47 per cent year-on-year to $1.03 trillion and is expected to grow 32 per cent in 2023 to $1.36 trillion, GBTA said.
“The headwinds that were anticipated to impact the rebound of global business travel over the past year didn’t materialise and that is good news," said Suzanne Neufang, chief executive of the GBTA.
The report findings indicate "an accelerated return to pre-pandemic spending levels sooner than anticipated as well as growth ahead in the coming years".
The report, published by the GBTA in collaboration with Visa, covered 72 countries and 44 industries. It surveyed 4,700 business travellers across North America, Latin America, Western and emerging Europe, and Asia Pacific.
Companies worldwide, from multinationals to smaller family-owned businesses, rely on travel to meet clients, boost revenue or connect with their employees in global offices.
Over the past 18 months, the most important factor driving the pace of the global business travel recovery is the progress made fighting the Covid-19 pandemic.
The two biggest drivers in the industry’s stabilisation in the past six months have been the return of in-person meetings and corporate events, and the recovery of some international business travel capacity and volumes, the report said.
In terms of regions, Western Europe was the fastest-growing region in 2022 for the recovery of business travel.
North America and Latin America's business travel spending growth also accelerated significantly in 2022.
However, emerging Europe continues to lag in its recovery, challenged by the war in the Ukraine, the report found.
Regionally, Asia Pacific was the "big laggard" last year due to the delayed reopening of the Chinese economy, it said.
Chinese business travel spending fell 4.6 per cent last year, pushing the country to the number two business travel market in the world for the first time since 2014, the group said.
However, China is expected to recover back to being the top business travel market in the world by the end of 2023, according to its forecast.
In terms of industries, construction, education, and professional, scientific and technical activities showed the most resiliency in spending on work trips.
'Promising' outlook but challenges remain
"Looking forward, numerous challenges remain, including the war in Ukraine, persistent inflation in certain areas, much tighter global financial conditions and deterioration in the manufacturing sector," the report said.
While a "promising" rebound is expected, the industry's longer-term forecast will be affected by an increased focus on sustainability initiatives, widespread adoption of meeting technologies, growth in the remote workforce and the rise of blended travel.
The factors are "potential game changers" in the future of business travel, though currently there is not enough data to solidly forecast the potential impact on business travel spending and volume, the GBTA said.
Eighty-two per cent of the GBTA survey respondents said that business travel was very or moderately worthwhile in achieving their business objectives.
Business travellers globally currently estimate their own business travel spending, on average, amounts to $1,018 per person per trip. On average, accommodation accounts for $391, while food and beverage is $189. Air travel averages $182, while ground transportation ($136) and miscellaneous expenses ($120) rounds out the total.
About 62 per cent of the surveyed business travellers say they are more frequently blending business and personal trips, known as "bleisure" travel, than they did in 2019, with 42 per cent adding additional leisure days to their business trips. Up to 79 per cent of these travellers stay at the same accommodation for the business and holiday portions of their trip.
In terms of payment methods for business travel, 66 per cent of business travellers say their company provides them with a corporate credit card – of that percentage, about one-third say their company mandates its use for booking business travel.
For those provided a corporate card, 64 per cent have uploaded their card to a mobile wallet. Almost 87 per cent use their mobile wallet for at least 10 per cent of their business transactions.
“As travel continues to rebound, we expect digital payments to continue to grow because they make it easier and more secure to do things like purchase plane tickets for business travel or split a check at dinner,” said Gloria Colgan of Visa Commercial Solutions.
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The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
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SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
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Fixtures
50-over match
UAE v Lancashire, starts at 10am
Champion County match
MCC v Surrey, four-day match, starting on Sunday, March 24, play starts at 10am
Both matches are at ICC Academy, Dubai Sports City. Admission is free.
