GBTA forecasts slower growth due to ambiguity in economic recovery
Business travel will keep to its upward trajectory in 2012, an industry forecast says, but a stagnant US economy is creating greater corporate uncertainty and leading to projections of slower business travel spending growth. The latest Business Travel Quarterly from the Global Business Travel Association, sponsored by Visa, confirms that 2011 has been a year of resurgence, with business travel spending expected to grow by 6.9% compared to 2010, hitting $250.2 billion. However, troubles in the economy are pushing a wait-and-see approach among businesses, leading to a forecast of $260.9 billion in business travel spending for 2012, or 4.3% growth.
The overall assessment is that “business travel spending growth remains vibrant,” Michael W McCormick, the association’s executive director and COO, assured, “and the current environment does not portend a dramatic travel slowdown.”
[pictured: Bank of England, London, UK]