How big is the business travel market?

The global business travel market size was valued at USD 695.9 Billion in 2020 and is expected to reach USD 2,001.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.2\% from 2021 to 2028.

How much is the business travel industry worth?

The Business Travel market in the U.S. is estimated at US$231.4 Billion in the year 2021.

What percentage of travelers are business?

Business travelers account for 12\% percent of airlines’ passengers, but they are typically twice as lucrative – accounting for as much as 75\% of profits.

How much of airlines revenue comes from business travelers?

Business travelers make up 12\% of airline passengers but 75\% of revenues on certain flights. They brought in steady revenue to hotels when they attended conferences and events and then stayed a few extra days to vacation with their families.

How many business travelers fly each year?

405 million
Americans make more than 405 million long-distance business trips per year. This means about 1.1 million people are traveling for business every day in the U.S. The Big Apple – New York City – is the most common business travel destination, though the fastest growing business travel destination is Shanghai.

Who is the typical US lodging business traveler?

Older workers are more likely than their younger counterparts to travel for business. On average, the typical business traveler is 45.9 years old, according to the U.S. Travel Association.

How big is the US travel industry?

Overview. The U.S. travel and tourism industry generated over $1.6 trillion in economic output in 2017, supporting 7.8 million U.S. jobs. Travel and tourism exports accounted for 11 percent of all U.S. exports and nearly a third (32 percent) of all U.S. services exports.

What industry travels the most?

Food Processing and Services is an enormous and fast growing industry with a high level of business travel intensity that jumped up the Global BTI rankings this year and is now the largest business travel sector in the world with $112.1 Billion USD spent on business travel.

What percentage of travel is business vs leisure?

Business travel made up about 26\% of the total travel revenue in the United States in 2018. The total travel output for 2018 was $2.5 trillion. While leisure traditionally takes up most of the revenue (around 74\%), business travel is a constant contributor, with more than $292 billion in spending registered in 2017.

What percent of hotel revenue is business travel?

What is the size of the business travel market?

Business Travel Market Overview: The Business Travel Market size is expected to reach $1,657 billion by 2023, registering a CAGR of 4.1\% during the forecast period. Substantial development of the travel & tourism sector has fostered the demand for business travel. Rise in travel & tourism has intensified the demand for business travel market.

How much do business travel management companies generate in sales?

Aggregated sales of these three travel management companies (TMCs) reached over 86 billion U.S. dollars in 2019. In 2019, the United States and China alone generated more than 40 percent of global business travel spending. When also including the aggregated expenditure of EU countries, the share rises to over 60 percent.

What is the global business travel industry?

Global Business Travel Industry – Statistics & Facts. Travel and tourism is a huge industry, contributing more than 10 trillion U.S. dollars to the global economy in 2017. Business travel is a large part of this industry, making a total global economic contribution of 1.23 trillion U.S. dollars during the same year.

How much of tourism spending comes from business travel?

Overall, 30 percent of total tourism spending in the U.S. came from business tourism in 2019. In China, the expenditure on business trips accounted for 19 percent of total travel spending. Business travel is the branch of the tourism industry focusing on trips taken for business purposes.