U.S. spending on business travel is set to increase by some 6.2% to 310.2 billion dollars (285.416 billion euros) in 2015, according to Global Business Travel Association (GBTA).
In 2014, U.S. businesses spent 292.2 billion dollars on travels, which was a record number. In a statement GBTA attributed the estimates to the fall in oil prices and increased consumer spending. Projections for 2016 indicate that business travel will grow by 1.8%, while spending will increase by 5.8%.
Total travel volume could reach 490.4 billion trips in 2015, which is some 1.7% more than in 2014 (482.4 million business trips).
Meanwhile, business travel to destinations outside the U.S. grew by 6% in 2014, after a 1.1% increase in 2013 and a 1% fall in 2012.
GBTA’s Executive Director and Chief Operating Officer, Michael W. McCormick explained that "2014 was a stabilizing year for U.S. business travel, with continuous, sustained growth, despite plethora external issues internationally that have weighted down economies in Europe, Russia and Asia."
Business travel spending has improved in recent years however much of the growth is a result of inflation, and the rest of increasingly productive business travelers. "They are getting more done per trip than ever before, resulting in a longer average trip than 15 years ago," said Mike McCormick.
The companies however are cutting costs by cutting out the perks. The budget of business travelers remains very tight and they cannot opt for luxury services any more. While business travel drives business growth, more and more companies want to cut costs in a tough economy thus the quality, not the quantity of business trips will be sacrificed.
