Study Projects Rise in Business Travel Spending
The Global Business Travel Association predicts a 4.3 percent jump in spending on business travel this year compared to 2012.
A study by the Global Business Travel Association projects spending on business travel will continue to rise, boosted in large part by domestic travel.
The “GBTA BTI Outlook – United States 2013 Q2,” sponsored by Visa, found that overall business travel spending for 2013 is expected to reach $273.3 billion, up from last quarter’s forecast of $268.5 billion and a 4.3 percent increase over 2012.
“With the U.S. economy moving into a more stable growth mode, companies are seizing on opportunities closer to home,” Michael W. McCormick, the GBTA’s executive director and COO, said in a statement. “The rise in domestic business travel spending is a positive sign of increasing business confidence and bodes well for future employment growth.”
Other highlights from the study:
- “Real” travel spending growth per trip—the increase after accounting for travel price inflation—is projected to reach 1.3 percent, compared with only a 0.3 percent bump in 2012.
- Group travel spending should grow by 5.3 percent to $117.1 billion.
- Group travel volume will drop 0.3 percent to $166 million, “driven by some continued corporate constraints on meetings activity.”