5th November 2024: Business travel has defied post-pandemic expectations and when extended with leisure now represents the top opportunity for tourism growth, according to new research.
More than half of experts responding to Tourism Economics’ Travel Industry Monitor 2024 survey for the WTM Global Travel Report cited blended leisure and business travel as a tourism growth opportunity, making it the top niche mentioned.
Business travel’s performance has been “something of a surprise relative to prior expectations,” the report notes. The post-pandemic persistence of online meetings and events was expected to cause its decline.
Instead, in person meets are “still highly valued” and business overnights and spending have surpassed previous peaks. The report notes business travel is being built largely around Business Events.
Annual growth in business visits of around 19% in 2024 outstrips a growth of around 11% for leisure visits according to Tourism Economics.
Though business travel’s growth is expected to slow somewhat to around 17% in 2025, over the period 2024 to 2030 such visits are predicted to grow by around 50% against a growth in leisure visits of a little under 30% for the same period.
Significantly, business travellers are staying longer and spending more per trip. While the volume of international business visits currently remains 6% below pre-pandemic levels, the number of overnights are 3% above that 2019 benchmark.
Such extended visits are partly thanks to the trend for ‘bleisure’ - the combining of business trips with extra days of leisure tourism. In this respect remote working has had a positive effect the report notes, enabling travellers to be more flexible about working overseas around their leisure time.
However pure leisure travel, which is also seeing extending lengths of stay, remains by a large margin the most important travel segment in terms of volume and spending, comprising 69% of arrivals and 80% of global travel spending.
Juliette Losardo, exhibition director for World Travel Market London added: “WTM’s aim is to help attendees navigate change, ensuring travel professionals are equipped for the year ahead. Commissioning the WTM Global Travel Report supports our commitment to providing attendees with the latest trends shaping the travel landscape.
“Using an expansive databank covering more than 185 countries worldwide as destinations and as origin markets, covering all major bilateral tourism flows in terms of visits, nights and spend, as well as unique industry insights, the report gives a comprehensive outlook on tourism.”
The WTM Global Travel Report is produced in conjunction with Tourism Economics, part of Oxford Economics. It will be unveiled on Tuesday 5 November at WTM London which runs 5-7 November at Excel London,
For more information and to book your ticket, please visit: https://www.wtm.com/london/en-gb.html
ENDS
For all media enquiries, additional comment and request for interview please contact:
Becca Krug, Evie Kennedy and Emily Thompson at Davies Tanner:
Tel: +44 (0)1892 619100
wtmpr@daviestanner.com
Notes to Editors
World Travel Market (WTM) Portfolio comprises leading travel events and online portals across four continents. The events are Arabian Travel Market, WTM London, WTM Latin America and WTM Africa.
WTM London is the world’s most influential travel & tourism event for the global travel community. The show is the ultimate destination for those seeking a macro view of the travel industry and a deeper understanding of the forces shaping it. WTM London is where influential travel leaders, buyers and high-profile travel companies gather to exchange ideas, drive innovation, and accelerate business outcomes.
Next event: 5 to 7 November 2024 at ExCel London
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