Europe’s Business Travel Expenditure Predicted to Surge Amid Economic Challenges

European business travel expenditure is projected to hit USD 391.1 billion (360.4 billion euros) in 2024, marking a 10.4% rise from 2023. This year, Europe is anticipated to represent 26.4% of the worldwide business travel spending of $1.48 trillion (1.36 trillion euros). However, the ongoing economic conditions and global political uncertainty continue to shape the business travel landscape in Europe.

Though the European business travel market has largely recovered from the pandemic’s effects, its global market share remains slightly below pre-COVID levels. For European business travelers, lodging is the primary category for business travel spending, followed by food, beverage, and air travel.

The Global Business Travel Association’s (GBTA) 2024 Business Travel Index (BTI) Outlook report also highlights the region’s growth of multi-modal and sustainable transportation options. European business travelers are growing more conscientious about sustainability, although their travel choices may not always align with more sustainable alternatives.

Looking at the five-year forecast, European spending will likely grow faster than most global regions but slower than Asia Pacific. It’s projected to reach $517.2 billion (476.6 billion euros) by 2028, accounting for 25.8% of the expected global business travel spending of $2 trillion (1.84 trillion euros) in that year.

In 2024, growth in Western and Emerging Europe is expected to vary. Western Europe has primarily outpaced Emerging Europe in the post-pandemic recovery period. However, this year, Emerging Europe (14.7%) is projected to grow faster than Western Europe (9.8%) for the first time since the conflict in Ukraine began.

The GBTA BTI survey of 1,112 European travelers revealed a growing awareness of environmental concerns. On average, European business travelers spent 2.9 nights at their destination on their last work trip, close to the global average of 3.0 nights. In addition, many Europeans travel unmanaged, with 45% of travelers booking airfares through retail channels such as online travel agencies (OTAs) rather than managed corporate channels.

These insights reflect the evolving trends of business travel in Europe, emphasizing the need for a more sustainable industry and the changing preferences of European business travelers.

Visit GBTA for more details.