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Business travel expected to surge in 2014

1/16/2014 2:22:50 PM

The business travel industry saw moderate growth in the past couple years. According to DailyFinance, activity rose 0.8 percent in 2012 and 1.8 percent in 2013. However, in the upcoming year, the industry is expected to rebound.

On Wednesday, a report by the Global Business Travel Association revealed that more employees are planning on leaving town for work in 2014 than in previous years. These travelers are anticipated to spend more on hotel rooms and airfare as well as business car rentals. In fact, domestic travel spending is projected to increase 6.6 percent to nearly $300 billion. Overseas trip spending is expected to grow a whopping 12 percent, which is more than six times higher than the previous year.

While the business travel industry may experience a boom in 2014, the upcoming year is also going to be more expensive for the business traveler. Plane tickets may end up costing you less thanks to major airlines competing with low-cost carriers; however, the price of hotel rooms will increase sharply. Those on the road can look to other ways to save money, such as by staying in hostels and taking advantage of discount car rentals.

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