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US Business Travel Grows in 2014

According to The Global Business Travel Association, business travel that originated in the US grew by 3 percent in 2014 over the previous year. Company’s spent $71.2 billion in the first quarter of 2014, an increase of 7.6 percent over the same period during the previous year.

Analysts believe that US business travel spending will rise by 6.8 percent by the end of 2014, to a total of $292.3 billion.

Together with Visa the GBTA published their GBTA BTI™ Outlook – United States 2014 Q2. The report describes the relationship of business travel to overall US economic expansion. Some of the most important findings of the report are:

•    The total number of domestic person business trips in 2013 was revised upward to 468.8 million from the previously reported 448.7 million, resulting in a 4.7 percent year-to-year gain. Spending remained consistent with the previous forecast at $241 billion, indicating a lower-than-estimated spend per trip.
•    Group business travel outperformed individual business travel in 2013, growing 8.6 percent, an indicator that the business travel industry is recovering from the Great Recession and increasing discretionary spending.
•    While individual business travel volume is expected to grow 2.3 percent in 2014, spending is expected to increase 5.6 percent, driven by higher prices and additional spend-per-trip.

The report also described other factors that could affect business travel in the near future such as the price of fuel, cost of travel and international outbound business travel.

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