The latest GBTA Business Travel Outlook Poll indicates a robust rebound in business travel, with 84% of surveyed industry stakeholders reporting that their company’s business travel in 2023 has largely or mostly recovered compared to 2019 levels. The survey, conducted from October 11–19, 2023, included 865 global business travel buyers, suppliers, and other stakeholders from 46 countries.
Key findings highlight the following trends:
Recovery and Booking Levels:
- Domestic business travel bookings have reached 76%, up from 72% in April 2023.
- International bookings are at 70% of their 2019 levels, up from 63% in April.
Spending Levels:
- Domestic business travel spending is at 77% of pre-pandemic levels.
- International spend sits at 74%, up from 66% in April.
Challenges and Barriers:
- Corporate budgets keeping up with price increases (69%), inflation/recession concerns (63%), and geopolitical events (44%) are top barriers.
- Suppliers (67%) are more likely than buyers (59%) to see inflation/recession concerns as a significant barrier.
Working Styles:
- Hybrid work environments dominate, with 68% of stakeholders stating it is their current company setup.
- More meetings of all types are reported, with increases in in-person meetings, virtual meetings, blended travel, and linking business trips compared to 2022.
Investment Priorities for 2024:
- 67% of travel buyers expect their travel budgets to increase or remain the same.
- Cost management (62%), traveler safety (44%), and sustainability (37%) are top strategic priorities.63% plan to increase investment in technology and digitalization.
AI in the Industry:
- Views on the impact of AI are split, with 32% excited and 33% feeling it is too early to predict.
- 34% of travel buyers see implementing AI applications/tools as important in the next year, while 37% consider it a low or non-priority.
- 42% of respondents have never used ChatGPT or another generative AI tool for work.
Despite ongoing challenges, the survey suggests optimistic indicators for a stronger year ahead as organizations continue to leverage business travel as a critical part of their strategy.
