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    Global travel spending to reach US$1.8 trillion by 2027

    December 25, 2023
    Personality / Awards
    , ,
    Global travel spending to reach US$1.8 trillion by 2027

    Travel Biz News —

    Arabian Travel Market (ATM) has announced a strategic partnership with the International Congress and Convention Association (ICCA) and the Global Business Travel Association (GBTA) for the upcoming edition of the event, which takes place from 6-9 May 2024 at the Dubai World Trade Centre.

    The renowned global organisations have been appointed as ‘Knowledge Partners’ for the regional trade show, providing in-depth insights and opportunities for the thriving segments of business events and travel.

    According to the ICCA statistical forecast, which charts the history and performance of the International Association Meetings Industry from 1963 to 2022, 10,602 business events were recorded worldwide last year , including 9,009 (85%) in-person.

    This represented an astounding 349% increase from the previous year when only 2,007 in-person events occurred. Interestingly, the Middle East accounted for the highest percentage of in-person delegates (94%) in last year’s official figures.

    The business travel industry is also experiencing significant growth, as evidenced by statistics from the 2023 GBTA Business Travel Index Report, which found that the global business travel industry rebounded faster than expected in 2023.

    The report also stated that global business travel spending rose by 47% to $1.03 trillion last year and is expected to grow to nearly $1.8 trillion globally by 2027.

    Danielle Curtis, Exhibition Director, Arabian Travel Market, said: “All of the latest research suggests that the business events and business travel sectors are going from strength to strength. These sectors have always been important verticals at ATM, and the official partnership with ICCA and GBTA for the 2024 edition will take our offering to the next level. By collaborating with these respected industry leaders, ATM aims to deliver even more value and innovation to its attendees and exhibitors.”

    “ICCA proudly announces our collaboration with ATM as we celebrate the exciting inclusion of business events as a foundational segment in future editions. Envisaging a dynamic future, we see global business events seamlessly integrating with ATM’s rich tapestry of opportunities. With ICCA joining as a Knowledge Partner for the MICE segment, we are collectively positioned to redefine the landscape of collaboration, innovation and success in the interconnected realms of business. We look forward to working together in 2024 and beyond , ” said Dr Senthil Gopinath, CEO of ICCA.

    Catherine Logan, Regional Senior Vice President EMEA and APAC, GBTA, added: “Although one of the smaller global business travel markets, the MEA region has huge potential for growth and recovered more than any other region in 2022, reaching 95% of pre-pandemic business travel spending. Business travel spend in the region is forecast to exceed this figure in 2023 and reach USD$30.6 million and continue its growth trajectory going forward.”

    The theme for the 31st edition of ATM is ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’.

    With exhibitors from the fields of aviation, accommodation, hospitality, attractions, technology and more, ATM 2024 will explore how innovators in the travel and tourism space are working to attract greater levels of funding to further increase the sector’s overall contribution to global GDP.

    Last year’s event welcomed more than 40,000 attendees, the largest number recorded to date.

    December , 2023 Photo by Arabian Travel Market secretariat

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      FACTS —

      Tourism helps in:

      👉Reducing poverty

      👉Reducing Inequalities

      👉Promoting gender equality

      👉Fostering decent work and economic growth

      World Tourism Day 2021: ‘Tourism for Inclusive Growth’

      In 2019, Travel & Tourism’s direct, indirect and induced impact accounted for:
      -US$8.9 trillion contribution to the world’s GDP
      -10.3% of global GDP
      -330 million jobs, 1 in 10 jobs around the world
      -US$1.7 trillion visitor exports (6.8% of total exports,
      28.3% of global services exports)
      -US$948 billion capital investment (4.3% of total
      investment)