Top Business Travel Markets 2022

As business travel continues to recover from the disruption of Covid-19, corporate travellers are keen to return to meeting clients face-to-face. Following vaccination rollouts and travel restrictions easing, business travel will continue to regain the traction that was lost to the pandemic. In a poll of 40 CFOs across North America, Latin America, Asia-Pacific and Europe, about half (52%) of respondents reported they expect their company’s business travel spend to reach 2019 levels in 2022 (GBTA). By 2024, global business travel is forecast to have made a full recovery (GBTA).

With that in mind, we are taking a look at the top business travel markets for 2022:

1) Asia Pacific

• Asia is a popular market for business travel as it hosts a range of industries including financial, e-commerce, electronics, and many more
• Trade within the region is a large contributor to the economy as China exports a large amount of goods to the UK, USA, and many other markets every year
• Asia Pacific is continuing to rebuild from the effects of the pandemic and has maintained a steady recovery to meet the demand for the many products exported every year
• The diversity of Asia Pacific and its industries presents a range of business opportunities that may interest companies around the world in 2022
• According to a recent report by the World Travel & Tourism Council (WTTC), business spending is set to increase by 41% in 2022

2) Middle East

• Recent data by the WTTC suggests that the Middle East was at the forefront of business travel recovery in 2021, with business spending rising by 49%
• The location of the Middle East has helped the region become a top destination for business travel as it is situated between key global markets including Europe and Asia Pacific
• Top industries include logistics, retail, automotive, FMCG, and manufacturing, with its oil & gas industry being the most lucrative market in the region 
• The UAE’s handling of the pandemic and the various government initiatives are supporting the growth and recovery of the country (Deloitte)
• According to the WTTC, business spending is set to rise by 32% in 2022

3) Americas

• The GBTA found that the U.S. led the way in 2021 with 27% in business travel spending
• The success of the vaccination uptake and easing of international border closures has provided an ideal opportunity for the U.S. to effectively return to business travel in 2022
• Other companies can view this revival as a confidence boost to recommence sending employees to the U.S. on business travel again
• Latin America witnessed an increase in business travel in 2021, arising from the decreasing government restrictions and a shift in attitudes towards travelling
• The Latin American business travel market is being driven by the revival of the economy with increased exports and an expansion on investment from other countries in recent years
• A report by the WTTC found that the Americas business travel spend will increase by 35% in 2022

4) Europe

• Despite a slow start, business travel in Europe is set to see a strong recovery in 2022 and 2023
• With increasing rates of vaccination across Western Europe there is a greater opportunity for companies to consider the region for business trips in 2022
• Recent findings by the GBTA suggest that business travel demand in the region is set to outpace most other parts of the world in 2022, barring any COVID-related setbacks
• According to the WTTC, Europe will see an increase of 28% in business travel spending in 2022

Business travel has continued its recovery effectively despite the obstacles that continue to emerge as a result of the pandemic. The GBTA forecasts that despite a turbulent year in 2021, there will be a year-over- year surge of 38% in global business travel spending in 2022 and beyond. As the travel industry deals with the challenges of the current climate, there is clear optimism for the continued recovery of business travel in 2022.

If you would like to have your Business Travel Simplified, then speak with a member of our team on (028) 9038 9007 or email hello@selective-travel.co.uk