Business Travel Spending to Hit $1.5 Trillion This Year
Skift Take
Business travel is set to surpass pre-pandemic levels in 2024, with global spending projected to reach $1.5 trillion, driven by strong growth in the U.S. and China.
The DJIA rose 37 points on Friday while Nasdaq was up 116, the S&P 500 rose 23 points and the 10-year treasury yield was down .02 to 4.07%. Lodging stocks were higher. New highs were scored by MAR, HLT, WH and CHH. On the other hand, SVC traded down to another new low, down another -8%. We did have some more good news, if you can call it that. Union workers reached a tentative agreement with two properties operated by Omni Hotels & Resorts. Unite Here stopped the picketing outside of Omni Boston Seaport and Omni Parker House.
Business travel is poised to exceed pre-pandemic levels this year, with spending projected to reach a record-breaking $1.5 trillion, according to a new report from the World Travel & Tourism Council. Its pace of recovery is proceeding faster than previously predicted, as corporate travel, which lagged behind the post-pandemic rebound in leisure travel, now shows surprising growth. As business leaders have recently reg
