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Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the latest installment of the GBTA BTI™ Outlook – Annual Global Report & Forecast, sponsored by Visa, Inc. Global spending on business travel is forecast to reach $1.12 trillion in 2013, a 5.4% increase from 2012, with travel spend stabilising after a year rocked by worldwide economic and political uncertainty.
Steady business travel spending in the second half of 2013 is expected to lay the foundation for 8.2% growth in 2014, followed by 7.6%, 7.2% and 7.1% growth in 2015, 2016 and 2017 respectively.
The report, which details travel spending in 75 countries, along with the top industries, economic factors and characteristics that influence business travel, finds that developing markets around the world – particularly countries in the Asia Pacific and Latin America regions – will permanently reshape the business travel landscape.
“Travel is indispensable to trade, commerce and business expansion in a global economy,” said Michael W. McCormick, GBTA executive director and COO. “This report shows that new opportunities are opening up in markets around the world for companies willing to invest in business travel to drive growth. It also serves as yet another wake-up call for the U.S. and Europe to improve aging infrastructure, establish fiscal order and stay competitive, because emerging economies are increasingly focused on meeting their own fast-growing business travel needs.”
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