European business travel spending is projected to reach $391 billion this year in a 10% rise over 2023, according to the Global Business Travel Association (Gbta).
Europe is also estimated to account for 26.4% of total global business travel spending of $1.48 trillion in 2024.
However, Europe’s share of global business travel remains slightly below pre-Covid levels as economic factors and global political uncertainty continue to impact the sector.
Accommodation remains the largest category of business travel spending of European business travellers, followed by food and beverage and air travel, new regional analysis released by the Gbta showed.
The report also found that European business travellers are increasingly prioritising sustainability but may not always choose more sustainable travel options.
Almost a quarter of European business travellers (23%) say they are traveling “more frequently” today than they did five years ago.
Conversely, one in five (22%) say they are travelling for work less frequently now.
Globally, a larger number of business travellers today are travelling for work “more frequently” (28%) than “less frequently (20%).
The study noted that 45% of travellers booking airfares through a retail channel such as online travel agencies (OTAs), rather than managed corporate channels (31%).
They were also more likely to use retail (41%) than managed channels (28%) when booking a hotel.
Additionally, when it comes specifically to the type of retail channel used, European business travellers (27%) were more likely than their North American counterparts (17%) to use an OTA when booking their last flight, while North American travellers are more likely to book directly with an airline.
European spending on business travel is expected to grow faster than most global regions over the next five years but slower than Asia Pacific and is expected to reach $517.2 billion by 2028.
Europe is expected to account for 25.8% of anticipated global business travel spending of $2 trillion by that date.
Catherine Logan, Gbta regional senior vice president for EMEA and APAC, said: ““We can see in this regional analysis that the value and demand for business travel in Europe continues to be strong.
“At the same time, it also shows the critical importance for accelerating efforts to build a more sustainable industry. The future prosperity of business travel relies on embedding sustainability across all aspects of the travel experience.”