GBTA forecasts strong year ahead for corporate travel
Business travel is set to rise this year with the Global Business Travel Association (GBTA) forecasting strong growth through investment in the international outbound travel sector.
Meetings and group travel events have continued to rise over the previous two years and GBTA analysts don't expect the trend to change. According to the organisation, group travel spending is set to increase by 6.5 per cent, reaching a total of $124.5 billion with a growth in volume of 1.7 per cent.
"This is the healthiest growth outlook for meetings activity since 2011," GBTA Executive Director Michael McCormick said. "Meetings are typically larger investments that require advance planning, and companies only make these decisions when they have confidence in the longer-term outlook for the economy."
In the USA, GBTA expects business travel spending to increase by 6.6 per cent to reach $289.8 billion this year, as the number of trips reaches 461 million.
Additionally, American spending on international outbound travel is expected to grow significantly by 12.5 per cent to reach $36.7 billion in 2014. GBTA research indicated growth in international business travel will also be spurred on by accompanying improvements in Europe, America's largest trading partner.