Business travel expected to increase in 2013Friday, April 12, 2013 9:45:52 AM
The next time you go to pick up your airport car rental, don't be surprised if you're surrounded by more of your fellow business travelers than usual.
According to a report from the Global Business Travel Association (GBTA), business travel in the United States is expected to increase by 5.1 percent in 2013, a 1.8 increase from 2012. This also exceeds the 4.6 percent increase that GBTA predicted last quarter.
"As corporate and consumer spending confidence rises, the business travel forecast in the United States is starting to brighten," Tad Fordyce, head of global commercial solutions at Visa Inc., said in a statement. "While the report shows the trip volume among business travelers will remain steady, we remain optimistic that stronger spending will help 2013 business travel exceed its pre-recession high."
GBTA also noted that there has been a jump in stock prices recently, which generally correlates to higher amounts of business travel spending. The stock market hit record highs in the first quarter of 2013, and GBTA projects that business travel will pick up additional momentum as a result as the year progresses.