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US business travelers spent 72.8 billion in Q2
Despite a small decline in the number of business trips taken, the Global Business Travel Association said there was a 7.1% increase in business travel spend in the second quarter of 2014 to $72.8 billion.
In its latest Business Travel Outlook report, GBTA said findings show more US businesses are spending more per trip, pointing to a strengthening economy.
"The continued strong demand in business travel spending is a positive sign for our economy – this signals that companies are continuing to put travelers on the road to achieve their business objectives," said Michael W. McCormick, GBTA executive director.
"As always, business travel spending is a leading indicator of overall economic growth."
The report says group travel spending will rise 5.9% year-over-year although the number of business trips taken will fall 3.3% by the year end.
Travel costs have increased 2.9% this year and will rise an extra 3.5% in 2015, underpinned by rising food and beverage costs, room rates and airfares.
"With both business travel volume and travel costs forecast to rise in 2015, corporate travel programs are looking for ways to manage expenses and help improve their bottom line," said Tad Fordyce, SVP global commercial solutions at Visa Inc., which sponsored the report.
International outbound business travel will also increase by 6.5% next year, although global factors could stymie any further growth.
A negative European economic outlook and a slowing Chinese economy were cited as barriers to faster business travel growth, however the latest global crises such as the threat of ISIS and Ebola are just as likely to impact business travel spending.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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