Global Business Travel Spending Could Reach $1.12 Trillion in 2013

Global business travel spending could reach $1.12 trillion in 2013, according to a new report from the Global Business Travel Association, released Tuesday at the GBTA Convention in San Diego. That number would be a 5.4 percent increase from 2012. The GBTA BTI Outlook - Annual Report & Forecast projects the spending to grow by 8.2 percent in 2014, followed by year-over-year increases of 7.6 percent, 7.2 percent and 7.1 percent through 2017. Developing markets, particularly those in the Asia Pacific and Latin America regions, should have a major impact on that growth, the report notes. "Travel is indispensable to trade, commerce and business expansion in a global economy," said GBTA executive director and COO Michael W. McCormick. "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. It also serves as yet another wake-up call for the U.S. and Europe to improve aging infrastructure, establish fiscal order and stay competitive, because emerging economies are increasingly focused on meeting their own fast-growing business travel needs." The report forecasts that China will surpass the U.S. as the world's largest business market by 2016, and Mexico will experience the highest growth in North America over the next five years. GBTA members can access the full report here; nonmembers can purchase it for $499 by contacting [email protected].