Business travel is an essential part of many organizations, and companies spend billions of dollars each year on it. The amount of money spent varies depending on the size and scope of the business and how often its employees are expected to travel.
Business travel spending is on the rise as businesses increasingly look for ways to cut costs while still providing employees with quality experiences. In 2019, global business travel spending was estimated at $1.4 trillion USD, a 3.5% increase from 2018. This figure is expected to reach $1.6 trillion USD by 2021, with Europe leading the way in terms of growth.
The most common types of business travel include meetings, conferences, and training sessions. These types of trips are typically more expensive than leisure trips due to higher airfare prices and more expensive accommodations. Additionally, many businesses provide additional per diems for meals and incidentals that can add up quickly depending on the length of the trip and number of attendees involved.
Businesses also incur additional costs such as car rentals, taxis, transportation fees, and other miscellaneous expenses that can add up over time. Additionally, companies may pay for their employees’ passports or visas if they are traveling internationally.
Overall, businesses are expected to spend a total of $1.6 trillion USD in 2021 on business travel alone – an increase from 2018’s figure of $1.4 trillion USD – making it a substantial expenditure for any company.
Given the large amount spent on business travel every year, companies should take steps to ensure that their employees have comfortable and enjoyable experiences while traveling so they can maximize their productivity during their trips.
Conclusion: Businesses around the world spend an estimated $1.6 trillion USD each year on business travel – a hefty sum that continues to rise along with global corporate growth – making it essential for companies to effectively manage this expense in order to maximize employee productivity.