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Business Travel: It’s a BRIC house
Business travel growth in BRIC (Brazil, Russia, India, China) is growing and far outstripping US and Europe, says The Global Business Travel Association’s recently released ‘Travel Outlook’ survey, a comprehensive report on the current state of global business travel spending and projections in growth for the next five years.
The report says that the ‘C’ part of the BRIC–China–will surpass the US in total travel spending by 2014. Globally, business travel is projected to grow to $1.07 trillion in 2012. It’s projected to push another 8.1 percent in 2013.
Tad Fordyce, head of global solutions at Visa, Inc., the survey’s sponsor, said: "Emerging markets are proving to be a big draw for business and leisure travelers alike. In 2011, we saw Brazilian Visa account holders increase international tourism spend by 32 percent to $6.3 billion and inbound travel increased 10 percent to $2.3 billion."
On the flip side, ‘developed’ markets like the US and Europe are as sluggish as the BRIC is aggressive.
GBTA executive director, Michael W. McCormick commented that conditions in these markets was more uncertain because of the ongoing European debt crisis. "Until that crisis is resolved, business travel is unlikely to grow at its pre-recession rate," he said.
— Gretchen Kelly
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