Global business travel spend will rise in 2013 with the growth to continue over the coming years, a new report has revealed.
The Global Business Travel Association Annual Outlook report forecast the sector would reach US$1.12 trillion in 2013, up 5.4% on 2012, with an 8.2% rise expected next year,
The increase is a sign that travel spend is stabilising after a year of worldwide political and economic uncertainty, according to GBTA executive director and chief operating officer, Michael McCormick.
“Travel is indispensable to trade, commerce and business expansion in a global economy,” he said. “This report shows that new opportunities are opening up in markets around the world for companies willing to invest in business travel to drive growth.”
Developing markets in the Asia Pacific and Latin America regions are driving much of the growth. Although spend is also rising in developed markets, the figures should serve as a “wake-up call”, according to McCormick.
“Emerging economies are increasingly focused on meeting their own fast-growing business travel needs.”
The report also identified the top 15 business travel markets ranked by spending in 2012, with Australia placing 12th with a total spend of $21.1 billion, up 2.8% on the previous year.
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