Global Business Travel Transactions Surge 15.5% in 2024, Report Finds
The global business travel landscape in 2024 was marked by growth, resilience, and evolving traveler behaviors. Despite economic and geopolitical uncertainties, the corporate travel industry demonstrated a strong recovery, with new transactions surpassing 2023 figures by 15.5%. However, shifting travel patterns, business travel transactions, cost-conscious corporate policies, and emerging technologies shaped new challenges and opportunities.
The 8th edition of Global Business Travel Review has been published by The Advantage Travel Partnership and its partner, Travelogix. The report features a wide range of trends and insights from top business travel industry experts from across the global travel ecosystem, including members of Advantage’s Global Business Travel Advisory Board.
Key Findings from the Global Business Travel Review 8.0
Business Travel Growth and Transaction Volumes
- Monthly transaction volumes in 2024 outperformed those of 2023, except for June, which saw a 15.48% downturn.
- January and February 2024 experienced the highest average transaction values, up by 7.14% and 4.45%, respectively.
- The overall average trip duration fell from 6.9 days in 2023 to 4.6 days in 2024, a 33.3% decline.
Shifts in Travel Behavior and Booking Patterns
- Economy class travel increased, while premium cabins saw a decline, a trend continuing from 2023.
- Advance booking windows slightly increased to 28.9 days, up from 28.6 days in 2023.
- More businesses opted for cost-saving strategies, resulting in shorter trips and lower average transaction values.
Mike Owens, director of sales at US-based Sequel Travel, highlighted the demand for high-touch, tech-savvy travel management as private equity and corporate clients in particular look for cost savings, better traveller support, and real-time solutions.
Industry Trends Shaping 2025
- Technology and AI Integration
- AI-driven automation is reshaping travel bookings, expense management, and customer service.
- The rise of virtual assistants and AI-powered personalization will enhance the traveler experience.
- Sustainability and ESG Initiatives
- Businesses are prioritizing carbon offset programs, eco-friendly travel policies, and the use of Sustainable Aviation Fuel (SAF).
- Airlines and travel management companies are integrating greener options into corporate travel programs.
- Blended Travel (Bleisure) on the Rise
- More business travelers are extending their trips to incorporate leisure activities, further blurring the line between work and personal travel.
- Evolving Payment Solutions in Business Travel
- The adoption of virtual payment solutions and fintech integration is expected to grow.
- Virtual cards provide enhanced security, better financial management, and seamless expense tracking.
Regional Insights
- USA: Strong demand for high-touch, tech-driven travel management continues. Sustainability remains a priority.
- Canada: Business travel is slowing due to inflation, exchange rates, and high travel costs.
- Brazil: Corporate travel transactions grew by 17%, with continued expansion expected in 2025.
- Hong Kong: Business travel grew by over 20%, but economic uncertainty and competition from Singapore and Tokyo pose challenges.
- Turkey: MICE (Meetings, Incentives, Conferences, and Exhibitions) events are thriving, but visa acquisition remains a challenge.
- South Africa: Political stability and economic reforms are expected to drive growth in 2025.
Chris Lewis, founder and CEO at Travelogix, said:
“As we step into 2025, we must continue spotlighting the trends and data shaping the business travel industry, and doing this with our partners at The Advantage Travel Partnership is a huge privilege.
“As always, the year ahead will present some challenges and headwinds. However, there are massive opportunities for the categories that make up our community, and I look forward to watching these unfold.
2025 Forecast and Market Outlook
- Transaction volumes are projected to grow by 8-11% year-over-year.
- The average transaction value is expected to stabilize between £380 and £400.
- Trip durations may remain shorter, around 4.5 to 5 days, as corporate travel budgets tighten.
- Macroeconomic factors such as inflation, currency fluctuations, and geopolitical events will influence travel decisions.
As we move into 2025, the business travel industry continues to evolve, driven by digital transformation, cost-conscious decision-making, and a stronger commitment to sustainability. With AI-driven efficiencies, fintech innovations, and a renewed focus on traveler well-being, corporate travel is set for another transformative year.
