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GBTA Report Releases Travel Outlook

By on July 23, 2012 in GBTA, Industry Stats, Travel with 0 Comments
GBTA travel expenseThe Global Business Travel Association released The GBTA Global Business Travel Outlook, a comprehensive report on the current state of global business travel spending and growth projections for the next 5 years.  It finds that business travel spending in developed economies is slowing down – but emerging markets are growing fast.
Key findings include:

 

  • Brazil, Russia, India and China all saw business travel growth rates over 15% in 2011. While business travel spend in developed economies was still expanding in 2011, growth rates in the U.S. and Western Europe were much slower.
  • 2012 global outlook: Business travel spend will grow at 4.6% to $1.07 trillion. In 2013, global business travel spend will grow more robustly, advancing another 8.1%.
  • Notably, China will surpass the U.S. in total business travel spending by 2014 – a year earlier than previously forecast.  This is due to slower U.S. spending growth and continued robust spending in China.
  • The continued growth in emerging markets should continue to generate significant expansion in business travel, as more people will need to meet face-to-face to make deals and build relationships.
  • Conditions are more uncertain in the developed markets, in part due to the ongoing European debt crisis.  Until that crisis is resolved, business travel is unlikely to grow at its pre-recession rate.
  • But despite the impulse companies in developed economies may feel to cut business travel spending as many did during the Great Recession, GBTA research shows slashing business travel spending is  ultimately detrimental to both the bottom line and the economy.

For more information, visit GBTA SEES BUSINESS TRAVEL IN DEVELOPED ECONOMIES SLOW WHILE EMERGING MARKETS SOAR

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