The Global Business Travel Association expects business travel to continue rising for the rest of the year. In a report released today, the GBTA significantly increased its forecast for the year, driven in large part by healthy corporate profits, rising management confidence and increased job development.
In a statement, Michael W. McCormick, GBTA executive director and COO, said business travel growth is a leading indicator of job growth," he said, "and we’ve seen this play out in previous quarters as the private sector has finally regained all of the jobs lost during the recession. Today’s forecast suggests that this measured but steady improvement should continue.”
U.S. business travel spending is now expected to rise 7.1 percent in 2014 to $293.3 billion, a substantial upgrade from the 6.6 percent growth to $289.8 billion GBTA predicted last quarter. Total person-trip volume is expected to increase 2.0 percent to 464.7 million trips, according to the GBTA BTI Outlook – United States 2014 Q1, a report from the Global Business Travel Association (GBTA) sponsored by Visa, Inc.
“According to the BTI forecast, business travel in the U.S. will see strong gains in 2014, fueled by outbound international business travel,” said Tad Fordyce, SVP, Global Commercial Solutions for Visa. “As more employees travel globally, organizations that use electronic payments have a convenient and secure way to pay for business travel expenses no matter where they travel in the world.”
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