Spending from business travel expected to hit €170 billion
Economic conditions are improving and corporate confidence is rising fast enough to boost business spending by 7% over this year to $245.8 billion (€170 billion). That is a more optimistic forecast by the Global Business Travel Association than the outlook released by the body in January. Growth is then expected to increase further in 2012.
Business travel spending noticeably picked up in the fourth quarter of 2010, when there were 113.6 million trips with travellers spending $60.6 billion, up 12% year-on-year. This year, ironically, the growth in spending will be fuelled by rising air fares and accommodation rates, pushing up the cost of the average business trip from $533 in 2010 to $551 in 2011. High oil prices are not expected to negatively affect business travel.
[pictured: Cabinet with private sauna, Helsinki Exhibition & Conference Centre; courtesy IHG]