In 2021, business tourism managed to rise from its ashes. It first experienced a 14% growth, which jumped to 32% in 2022. Plus, the USD 700B industry is now forecast to be worth USD 2T by 2028. Passport Photo Online have compiled a data-driven roundup of corporate travel statistics, facts, and trends for 2023 and beyond.
1) Nine in 10 employees consider business travel a perk.
2) Travel budgets account for 10% of companies’ overall expenses.
3) New York is the most expensive US city for business travel, with a daily cost of over USD500.
4) 33% of businesses expect a reduction of 11–25% in travel budgets by 2025 due to the rollout of sustainability plans.
5) Nearly 400M business trips occur in the US annually.
6) Over 700K international business visitors came to the US in 2022, which is 80% less than in 2019.
7) Business tourism supports 700K+ jobs in the US.
8) Business travel expenditures in the US are expected to skyrocket by 180%, from USD120B in 2020 to USD 350B in 2025.
9) US business travellers take an average of two trips per month.
10) Mexico is the leading international destination for US business travellers, accounting for about 33% of all trips.
Tags: business travel, business tourism
