GBTA Study Finds Business Travel Spending to Grow Globally
The business travel landscape is set to change significantly over the next five years. Rapidly growing markets like China, India and Brazil are in prime position to become major global players in business travel.
Alexandria, VA (August 5, 2013) – 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 stabilizing 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.
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