American Express Global Business Travel has announced the results of its 2015 EVP Barometer. The results show that business travel spending increased by 1.42 per cent in 2015, more than twice the rise anticipated in the 2014 Barometer. In addition, “safety and security” has overtaken “cost control” to be the number one priority of company executives when considering business travel.
Despite a record-breaking winter where the effects of the polar vortex and back-to-back snowstorms halted travel across much of the U.S., business travel is expected to continue its surge in 2014. The Global Business Travel Association today significantly increased its forecast for the year, driven in large part by healthy corporate profits, rising management confidence and increased job development – a continued positive sign for the U.S. economy.
An improving economic outlook with business and consumer confidence on the rise is expected to boost business travel in 2013, leading the Global Business Travel Association to upgrade its forecast for the year. Stronger corporate profits, increasing job development and improvements in key export markets are fueling business travel spending after a sluggish fourth quarter that was dampened by political uncertainty due to the “fiscal cliff” debate.
Emerging markets drive global business travel spending up 4.5% in 2011 to over $1 Trillion
International business travel spending from the UK, Germany and France is expected to drop this year, but will make a recovery in 2013, according to latest forecasts from the Global Business Travel Association (GBTA).
Unmanaged business travel could become the norm over the next five years as businesses find it increasingly easy to get better deals online, according to a panel of experts at this week’s World Travel Market Meridian Club Think Tank.
Business travel will maintain its upward trajectory in 2012, but a stagnant U.S. economy is driving increasing corporate uncertainty and leading to projections of slower U.S. business travel spending growth next year, according to the latest Business Travel Quarterly Outlook – United States from the Global Business Travel Association (GBTA), sponsored by Visa.
Global business travel hotel bookings grew by 10.2 per cent over prior year in August, up from July’s 5.8 per cent increase, as reported by Pegasus Solutions. Bookings for both the business and leisure markets showed continued resiliency despite the US and European economic debt and credit crises that overshadowed the month.
Business travel suffered highs and lows during the recession and will continue to remain super-cyclical. In the medium term though, the outlook is positive. Long-haul premium air travel is returning, however PwC believes the market has fundamentally changed in short-haul travel.
Business travel has accounted for one third of growth in global trade over the past decade, improved global corporate productivity tenfold and created millions of jobs worldwide, according to the latest economic impact research released by the World Travel & Tourism Council at its 11th Global Travel & Tourism Summit in Las Vegas.
Eurostar, the high-speed passenger service linking London, Paris and Brussels has today launched a guaranteed boarding service for its flagship Business Premier class.
Rising fuel prices are starting to dampen air travel demand, according to the latest report from IATA, but business travel is maintaining a strong recovery. Economy travel slowed from 4.9% year over year growth in January to 3.3% in February. Premium travel was more robust, slowing from 8.1% to 7.7% over the same periods.