Business tourism spending will grow 26% this year: WTTC

Spending on business travel will grow 26% year-on-year this year and in 2022 it will accelerate to 34%, bringing it to two-thirds of the level it had prior to the Covid-19 pandemic, estimated the World Travel Council and Tourism (WTTC) in a study carried out jointly with the consulting firm McKinsey & Company.

Tourism was one of the first services to suffer the effect of the pandemic last year and will also be one of the last sectors to reactivate. During 2020, the drop in global spending on travel and tourism was 61 percent. “Last year, the travel and tourism sector suffered losses of almost $ 4.5 trillion, and more than 62 million people lost their jobs. Spending by national visitors decreased by 45%, while spending by international tourists fell by 69.4 percent ”.

In order to accelerate the recovery of business travel, the joint report recommended that companies adjust their revenue models, broaden geographic focus and improve digital services.

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