European business travel spending will reach an estimated €360.4 billion ($391.1 billion) in 2024, reflecting a 10.4 percent increase from 2023. This is according to regional analysis from the Global Business Travel Association’s 2024 Business Travel Index Outlook report sponsored by Visa. The research also found Europe is projected to account for 26.4 percent of total global business travel spending.
Although Europe’s business travel has made progress in recovering from the effects of the pandemic, the region’s share of the global market remains slightly below pre-COVID levels. In addition, 2024’s growth comes despite economic factors and global political uncertainty that continues to impact the sector across Europe.
According to the analysis, Western Europe and Emerging Europe continue to diverge. Several Western European countries that had lagged behind the region have surpassed their pre-pandemic spending levels. In 2023, Spain, Greece, the Netherlands, Austria, and Switzerland exceeded their 2019 business travel spend levels, marking a significant turnaround in recovery.
Furthermore, although Western Europe has been recovering faster than Emerging Europe throughout the post-pandemic recovery period, this year Emerging Europe is expected to grow 14.7 percent, topping Western Europe’s 9.8 percent growth for the first time since the war in Ukraine began.
According to the report, lodging remains the largest category of business travel spending, followed by food and beverage and air travel. European business travelers are increasingly prioritizing sustainability, leading to the growth of multi-modal and more sustainable transport options across the region. However, travelers may not always choose more sustainable travel options.
