Inaugurated in 2018, iGA Istanbul Airport has quickly become one of the world’s busiest, recording more than 76 million passenger arrivals in 2023.
Business Travel's Recovery: Spending to Hit Record
23.07.2024 - 00:28 / skift.com / Sean Oneill / Suzanne Neufang
Business travel spending worldwide is projected to reach an all-time high of $1.48 trillion by the end of 2024, surpassing pre-pandemic levels for the first time, the Global Business Travel Association (GBTA) said Monday.
GBTA surveyed 4,100 business travelers across 28 countries.
Business travel volumes are not back to 2019 levels, but spending is up, especially for long-haul flights. 61% of travelers and 68% of business travel managers report spending more this year than last in the GBTA survey.
The association projects that global business travel spending will top $2 trillion in 2028. That would represent an annual compound growth rate between 2025 and 2028 of 7%.
There are some changed priorities.
“The naysayers think that if you just have virtual meetings, that’s all you need,” said Suzanne Neufang, CEO of GBTA. “And guess what? The energy comes from actually meeting the people in person. And that energy translates into bottom-line gains for companies.”
Neufang was installed as CEO of GBTA in February 2021 after a controversy ousted the previous leadership. GBTA membership has grown to close to 9,000 members, with the fastest growth in Asia Pacific.
What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance.
Read the full methodology behind the Skift Travel 200.
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