Global business travel spending likely to escalate by 2018

Published on : Friday, July 21, 2017

GBTA Final Logo_origSpending in the sphere of business travel across the world progressed at a snail’s pace in 2016, increasing with a meager 3.4% to touch $1.26 trillion as per a new report published this week.

 

The Global Business Travel Association (GBTA)’s outlook has improved to a certain extent this year and appears to move smartly into 2018 and beyond.

 

However, unprecedented international events might interfere with the accuracy of these predictions. Michael McCornick, the executive director and chief operating officer of GBTA mentioned that strong footing in emerging markets and the ongoing economic stimulus in the developed world has been responsible for global stability triggering a positive forecast.

 

Last year the business travel spending was expected to rise by 5.2% but it fell short.

 

As per the new outlook, this year there would be 5.2% growth that would be rising to 6.1% in the year 2018 and nearly 7% for the next two years. But then, the threats of terror, immigration complexities, geopolitical tensions and trade policy alterations might be impacting these expectations.

 

The report also states that the fresh optimism for corporate travel activities is driven by a rise in global trade, abrupt developments in the manufacturing sector as well as certain economic improvements in emerging markets.

 

This outlook also mentions that certain events in the U.S. are likely to turn out to be excellent in terms of business travel including US President Trump’s motives to lower corporate taxes, minimize regulations and invest in infrastructure.

 

According to the 2018 Global Travel Forecast, airfares across the world are likely to be up by 3.5% and the hotel room prices rises by 3.7%.

 

 

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