UK business travel is set to hit a record high this year as it surpasses pre-pandemic levels for the first time, according to a new report.
The sector has been slower to recover than leisure travel due to the rise in remote working and the decline in face-to-face meetings.
In 2023, business travel globally was still 5.4% lower than the 2019 peak while leisure travel had bounced back to just 2.9% down.
But new figures from the World Travel & Tourism Council (WTTC) predict that UK corporate travel spending will reach a record $84.1 billion in 2024 as the recovery gathers pace.
The WTTC’s Economic Impact Trends Report also projects that business travel globally will surpass 2019 levels by 6.2% this year.
Julia Simpson, WTTC’s CEO, said the UK’s spending on business travel was the fourth highest in the world and that the market was ‘very, very, strong’.
Speaking at the WTTC Global Summit in Perth (Boorloo), Western Australia, she said: “It’s really incredible because business travel, it’s not just back, it’s actually booming.
“We didn’t think business travel was going to come back until 2025 and it’s actually come back a year early which is a very good sign.”
Ms Simpson highlighted that business travel had accounted for 31% per cent of all UK travel and tourism spending this year, compared to a share of around 20 per cent globally.
She said the largest source of in-bound business arrivals into the UK is the US, at around 790,000 annually, followed by Poland, Germany, France and Ireland
She added: “London is a major centre of business, it always has been.
“We are seeing, I looked at numbers from the London Chamber of Commerce, an absolute bounce back of all the businesses in London.
“And we are talking about not just big businesses but SMEs which are the lifeblood as well.”.
The US and China, the two largest markets for the sector, are also predicted to reach new highs of $472 billion and $211 billion this year respectively.
German business travel is expected to hit $87.5 billion while French spending is set to reach $42.1 billion, both new records.
The WTTC’s annual summit brings together senior industry figures with ministers and heads of state to discuss issues affecting the travel and tourism sector.
A separate report revealed at the summit provided further evidence of the recovery in the global leisure tourism industry.
The study by travel data company ForwardKeys said that international arrivals are up 16% so far this year compared to the same period in 2023.
