WTTC: Business Travel Expenditures to Achieve Two-Thirds of Pre-COVID-19 Levels by 2022

Global business travel spending is expected to increase by more than a quarter this year and reach two-thirds of pre-pandemic levels through 2022, according to a recent report published by the World Travel and Tourism Council (WTTC).

The same shows that in Europe, spending on business travel will see a 36 percent increase over this year, followed by a 28 percent increase over the next year, TheSchengen.com reports.

Besides Europe, spending on business travel in the following regions will also increase significantly:

Middle East – a 49 percent increase over the year, followed by a 41 percent increase over the following year. Asia Pacific – a 32 percent increase this year, while a 41 percent increase is expected over the next year. Americas – 14 percent increase over this year, and 35 percent increase over the following year.

Such a report was conducted by WTTC jointly with McKinsey & Company, titled “Adapting to Endemic COVID-19: Outlook for Business Travel”.

The report indicated that a 26 percent increase in spending on business travel is expected during this year, followed by a 34 percent increase during 2022.

The business sector, among other things, has been severely affected by the spread of the coronavirus and its new strains. According to the report, since this sector is essential to the economic sector, it is important that stakeholders find a standard solution to help this sector recover from the damage caused by the Corona virus.

According to Hilton President and CEO, Chris Nassetta, a return to business travel will be essential in the industry’s recovery from the coronavirus outbreak.

“We continue to see incremental progress, and this report shows how important business travel is to the global economy. Travel and tourism will continue to drive progress for millions around the world – especially as people start traveling again,” Nassetta noted.

In this regard, CEO of Dubai International Airports, Paul Griffiths, stressed that the loss of mobility that billions of people have experienced during COVID-19 were a reminder of the enormous social and economic contribution that travel and tourism bring. on the world’s population.

“While the spread of digital communications will change the way we do business, it has also demonstrated that many aspects of our lives depend on the level of social interaction uniquely provided by the ability to travel,” Griffiths emphasized.

Moreover, the report published by the World Travel Center also shows how global travel-related spending recorded a significant decrease during 2020, compared to 2019 figures, as a result of the restrictions imposed by many governments in order to stop the spread of the Corona virus. and its new breeds.

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Source: schengenvisainfo.com

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