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Despite global uncertainties, business travel spending is expected to advance 6% in 2018, followed by 7% growth in 2019 and 2020. China continues to top business travel spending for the second straight year.
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A new report by the Global Business Travel Association (GBTA) Foundation found that U.S. businesses spent $424 billion to send travelers out on the road for 514.4 million domestic business trips in 2016.
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In 2017, the Global Business Travel Association (GBTA) forecasts a loss of over $1.3 billion in travel-related expenditures for U.S. business travelers, including rental cars, hotels, and food.
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According to a poll by the Global Business Travel Association (GBTA), 47% of European travel professionals expect some reduction in U.S. business travel for their company following President Trump’s executive order on travel.
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In the week following Trump’s travel ban, approximately $185 million in business travel bookings were lost as the uncertainty surrounding travel in general had a rippling effect on traveler confidence, according to the GBTA Foundation's latest business travel forecast.
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According to a new report by the Global Business Travel Association (GBTA) Foundation, global business travel spending is predicted to reach $1.3 trillion in 2016. In 2015, it topped $1.2 trillion, a growth of 5% from 2014.
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Nearly three-quarters of U.S. business travel buyers say their company’s travel to Europe will remain largely unaffected by the recent attacks on Paris, according to a poll by the Global Business Travel Association (GBTA).
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Business travel spending in Germany, the U.K., France, Spain and Italy combined will grow over 6% in 2015 and 2016, according to a Global Business Travel Association (GBTA) report.
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Although U.S. business travel spending will increase by 3.1% in 2015, the global oil price collapse and economic weakness in China, Russia and the Middle East will reduce the outlook for growth in 2015 and 2016, according to a Global Business Travel Association report.
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In the next five years, China business travel will increase by 61% (from $261 billion in 2014 to $420 billion in 2019). Asia Pacific owns the largest share of the business travel spend market with 39%, followed by North America with 27%.
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