Global Business Travel Association changes 2014 forecast
4/9/2014 5:04:21 PM
In January 2014, the Global Business Travel Association announced its forecast for business travel this year, predicting that the sector would see an increase in profits. This will mean a rebound for the weakening industry, which saw a decline in the number of people who book hotels and business car rentals for work. But in early March, the business travel management trade group revised its forecast in anticipation of even greater growth.
Growth has slowed significantly in the past few years for the business travel industry - it grew only 1.8 percent in 2013 and 0.8 percent in 2012, according to DailyFinance, but the GBTA conjectured that spending among out-of-town workers would grow 6.6 percent domestically and 12 percent internationally. Now, the organization believes that domestic travelers will spend 7.1 percent more, while those who go abroad will boost their spending by 12.9 percent.
These changes are due in great part to the season. Winter was rough in the U.S. this year thanks to polar vortices and record-breaking snowstorms. But as spring rears its head and the ice thaws, companies are becoming more confident and willing to spend money on airlines, lodging and airport car rentals in order to enhance business.