Corporate travel finally will exceed 2008 high, GBTA predicts
It should be a good year for business travel, the Global Business Travel Association says.
The group has raised its travel forecast for the year, citing an improving economic outlook in the US and rising business and consumer confidence.
The GBTA BTI™ Outlook – United States 2013 Q1 predicts that business travel will rise 5.1% this year, to $268.5 billion–a substantial increase from 1.8% growth in 2012. The growth comes in large part due to group spending, now expected to increase 6.0% to $115.9 billion, up from 5.2% growth forecast in Q4.
The volume of trips, though, is expected to remain essentially flat, down 1.1%.
The BTIndex is now estimated to reach 121 in Q1 2013, finally exceeding its pre-recession high of 120 and back from its low of 97 in Q4 2009. The index is expected to continue rising for the rest of 2013, reaching 126 by the end of the year.
The report shows a strong correlation between stock prices and business travel spending, with stock prices historically leading trip volume by one to two quarters.
Job development is now on the rise in industries that tend to require more business travel, such as business services, finance, and utilities. This is a marked shift from late last year when job creation favored less travel-prone sectors, like retail and restaurants, GBTA said.
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