Overall, the GBTA forecast sponsored by Visa Inc. finds that global business travel spending will hit a record $1.25 trillion USD in 2015, a 6.5% growth over 2014. February 9, 2022. "Business travel has demonstrated a tremendous resiliency . The results of the 13 th annual BTI Outlook, GBTA's study of business travel spending and growth covering 73 countries and 44 industries, found that after a sharp 53.8 percent year-over-year decline in spending to $661 billion in 2020, global expenditures are predicted to rebound 14 percent in 2021 to $754 billion. Global spending on business travel is forecast to reach $1.12 trillion in 2013, a 5.4% increase from 2012, with travel spend stabilizing after a year rocked by worldwide economic and political . (Small Biz Genius, 2021) Businesses spend roughly $1,425 for every employee they send on a business trip. GBTA . The current report pegged 2020 global business travel spending at $694 billion. Global business travel spending fell 54% to $661 billion in 2020 from $1.4 trillion 2019. Global business travel spending was forecasted to have increased by 6 percent in 2017 and another 6.1 percent in . The global market for Business Travel is expected to decline by -54% in the year 2020 and -4. ALEXANDRIA, VA - Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the latest installment of the GBTA BTI . WTTC report findings bode well for ME business travel & tourism. Growth will remain strong through 2019, with business travel projected to grow 6.9 percent in 2016, 6.0 percent in 2017, 6.4 percent in . Global business travel spending reached $1.33 trillion in 2017, advancing 5.8 percent over 2016 levels, according to the GBTA BTI Outlook #Hashtags #GBTA2018 It says it will reach two thirds of pre-pandemic levels . Business travel expenditure in the Middle East is forecast to rise by 32% this year, following a predicted 49% increase during 2021, according to a report by the World Travel & Tourism Council (WTTC) published in November 2021. Overall, the GBTA BTI Outlook - Annual Global Report & Forecast, sponsored by Visa, Inc. finds that global business travel spending will hit a record $1.25 trillion USD in 2015, 6.5 percent . From Uber for Business, Uber's enterprise arm, and the Global Business Travel Association, the world's largest association representing the pre-pandemic $1.4 trillion global business travel industry, the report uncovers pressing concerns and considerations from travel managers at some of the world's biggest companies. Most Popular Insights. Global business tourism spending was estimated to have increased slightly in 2021 after a year-over-year drop of more than 50 percent in 2020 due to the coronavirus (COVID-19 . The losses and impact on travel suppliers are Blockchain Technology within the Travel Industry. Global Business Travel Spending . global spending on business travel fell 52% for the full calendar year 2020 to $694 billion, down from $1.4 trillion in 2019. GBTA's 7,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually. In it, GBTA predicts that global business travel spending will grow to $1.3 trillion in 2016, and reach $1.6 trillion by 2020. Currently Leads World in Business Travel Spending Which Reached Global Outlays of $929 Billion in 2008 The National Business Travel Association (NBTA) and Egencia, the corporate travel arm of Expedia Inc., released sample findings from a landmark study that quantifies global business travel spend and projects business travel growth through 2013. Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the latest installment of the GBTA BTI Outlook - Annual Global Report & Forecast, sponsored by Visa, Inc. The BTI Outlook, now in its 12 th year, is an exhaustive study of business travel spending and growth covering 75 countries . Overall, U.S. business travel spending is expected to advance . This is an average of $1,286 per work trip. ALEXANDRIA - Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the latest installment of the GBTA BTI Outlook - Annual Global Report & Forecast, sponsored by Visa, Inc. "While we see much reason for optimism on the horizon, our forecast reveals that travel's recovery is uneven with . Most Popular Insights. 5% in the year 2021 and thereafter recover to reach US . By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion, just above the 2019 pre-pandemic spending of $1.4 trillion. After the Covid-19 struck, this figure plunged by USD 790 billion to the lowest level in decades. Press Release. In 2019, the global business travel spending hit an all-time high of nearly USD 1.3 trillion. The industry will follow the success up with a forecasted $1.5 trillion in . Spending is forecast to advance another 7.1% in 2018 and will expand to . Global business travel spending will reach a record $1.18 trillion this year, up nearly 7 percent from 2013, bolstered by growth in China, a U.S. trade group said on Monday. Global spending on business travel is forecast to reach $1.12 trillion in 2013, a 5.4% increase By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion. Business travel spending gains have not reached this level since 2011. According to a report from the Global Business Travel Association (GBTA), the business travel industry declined by 53.8 percent in 2020 to $661 billion, but started to bounce back in 2021 by jumping 14 . Then, 2024 U.S. business transient and group spending is projected to reach $164 billion and $113 billion, at least matching 2019 levels. China expected to top the United States by 2016 in business travel Business travel recovery in 2021 proceeded at a slower, more cautionary pace than expected from a year ago. global business travel spending growth . According to a February 2021 Global Business Travel Association (GBTA) study, 83% of respondents . Global business travel spending fell by nearly 54 percent in 2020 over the previous year due to the coronavirus (COVID-19) pandemic, amounting to roughly 661 billion U.S. The business travel outlook . In 2019, the global business travel spending hit an all-time high of nearly $1.3trn. The 2019 BTI, which was released in July prior to the GBTA convention in Chicago, projected slowing growth for the segment, but estimated total global travel spend to hit $1.51 trillion in 2020. 7 Business Travel Trends to Watch in 2020. Retrieved from Statista; TripActions (2019). As a result, most business travel companies were forced to make huge cuts. ADVERTISING According to a report from the Global Business Travel Association (GBTA), the business travel industry declined by 53.8 percent in 2020 to Evaluating 72 countries, TRAVEL. (Fyle, 2020) Companies spend $111.7 billion on business travel every year. According the Global Business Travel Association (GBTA), the global business travel spending experienced a decline of 52% in 2020 and the losses were 10 times larger than the Great Recession of 2008. Global business travel spending will increase 6.2 percent from a recession-depressed 2009, to $896 billion, according to a new report from the NBTA Foundation. By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion. ALEXANDRIA, Va., Aug. 6, 2013 /PRNewswire-USNewswire/ -- Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the . Those spending figures should increase steadily in 2022 and 2023, according to the forecast. GBTA predicts recovery will continue into 2023, with global spending rising 23 percent year-over-year as even more international and group travel comes back online. Pending many global uncertainties, business travel spending is expected to accelerate significantly in 2018, advancing 6.1%, followed by roughly 7% growth in both 2019 and 2020, according to the report. Business tourism spending of G20 countries in 2019. On day three of the Global Business Travel Association's 2018 convention in San Diego, the association revealed its 2017 measurement of global business travel spending$1.33 trillion, a 5.8 percent rise over 2016as well as its 2018 estimate, which is even more promising. The Global Business . By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion, just above the 2019 pre-pandemic spending of $1.4 trillion. The growth is . The "Global Business Travel Spending Outlook 2011-2015" study concluded that the global economic recovery is occurring at two speeds: Compound annual growth in business travel spending is slow but steady in developed countries like the United Kingdom (5.4 percent), United States (3.8 percent), France (3.3 percent) and Germany (2.9 percent). Nonetheless, global business /PRNewswire-USNewswire/ -- The GBTA Foundation, the research arm of the Global Business Travel Association, today released a comprehensive report analyzing the. July 28 (Reuters) - Global business travel spending will reach a record $1.18 trillion this year, up nearly 7 percent from 2013, bolstered by growth in China, a U.S. trade group said on Monday. Global spending on business travel is forecast to reach $1.12 trillion in 2013, a 5.4% increase from 2012, with travel spend stabilizing . Global business travel to grow 21% in 2021, trade group forecasts. (Reuters) - Global business travel spending will reach a record $1.18 trillion this year, up nearly 7 percent from 2013, bolstered by growth in China, a U.S. trade group said on Monday. After the COVID-19 struck, this figure plunged by $790bn to the lowest level in decades. A new study found that global business travel spending is expected to make a full return in 2024 when the sector returns to pre-pandemic totals. Alexandria, Virginia (February 2, 2021) - The Global Business Travel Association (GBTA) - the world's largest business travel association - released its annual BTI Outlook, a detailed analysis of business travel in 2020, with projections for 2021 and beyond. Global business travel spending is expected to rise throughout 2013 and continue its ascent over the next several years, according to the latest installment of the GBTA BTI Outlook - Annual Global Report & Forecast, sponsored by Visa, Inc. ALEXANDRIA, Va., Oct. 13, 2015 /PRNewswire-USNewswire/ -- U.S. business travel spending will increase by 3.1 percent in 2015 and 3.7 percent in 2016, yet the global oil price collapse and economic . American Express Global Business Travel ranked first among corporate travel providers in the 2015 Corporate Travel 100 ("CT100"), an annual listing compiled by Business Travel News which ranks companies with the largest volume of U.S. air bookings. Spending 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. And the Global Business Travel Association says: "Despite recovery setbacks in 2021, a year-over-year surge of 38% is expected in 2022 as recovery and pent-up demand kicks into a higher gear . Last year, when we reported on the impact of COVID-19 on corporate travel, we projected that the road to recovery would be a long and uneven one. Forecasts expect this figure to increase by 34% in 2022, leading to a total increase of 60% in global business travel expenditure . This was a 5.8% increase on 2016 levels according to the GBTA BTI Outlook - Annual Global Report & Forecast; and Spending is forecast to advance another 7.1 percent in 2018 growing to $1.7 trillion by 2022. Retrieved from Reuters; Revfine (2020). The World Travel and Tourism Council, a group backed by travel providers with the mission to promote tourism, said in a report Monday that global travel spending for 2016 is expected to grow by 3 . 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. The growth is . It is predicted that global business travel will make a full recovery by 2024, ending the year at US$1.48 trillion or "just above the 2019 pre-pandemic spend of US$1.4 trillion". The Global Business Travel Association estimates U.S. business travel spending will increase 3.1% in 2015 and 3.7% in 2016, as global economic issues dampen growth. It says recovery will continue into 2023, with global spending rising 23% year-over-year as even more international and group travel comes back online. After the COVID-19 struck, this figure plunged by $790bn to the lowest level in decades. As per the Directorate General of . GBTA predicts recovery will continue into 2023, with global spending rising 23 percent year-over-year as even more international and group travel comes back online. It is predicted that global business travel will make a full recovery by 2024, ending the year at US$1.48 trillion or "just above the 2019 pre-pandemic spend of US$1.4 trillion". Global spending on business travel is forecast to reach $1.12 trillion in 2013, a 5.4% increase from 2012, with travel spend stabilizing after a year . In 2023, officials said global spending is expected to rise 23 percent year-over-year. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States plummeted 71 percent, or $94 billion. Growth will remain strong through 2019, with business travel projected to grow 6.9% in 2016, 6% in 2017, 6.4% in 2018 and 5.8% in 2019. Business travel recuperation in 2021 continued at a more slow, more preventative speed than anticipated from a year prior. Global business travel spending looks set to rise by more than a quarter this year, according to the World Travel & Tourism Council (WTTC). Last year, when we reported on the impact of COVID-19 on corporate travel, we projected that the road to recovery would be a long and uneven one. Global business travel spend topped $1.2 trillion USD in 2015, growing 5 percent over 2014, and is forecast to reach 1.3 trillion in 2016 according to . May 10, 2022. According to a February 2021 Global Business Travel Association (GBTA) study, 83% of respondents . In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States plummeted 71 percent, or $94 billion. As a result, most business travel companies were forced to make huge cuts. "Any recovery in French business travel spending will be driven by domestic travel, which is expected to be flat in 2012 followed by growth of 4.5 percent in 2013." After not changing much in 2012, U.K. business travel spending in 2013 will rebound by 2.8 percent, according to GBTA, driven by 3.9 percent higher international outbound spending. It says recovery will continue into 2023, with global spending rising 23% year-over-year as even more international and group travel comes back online. Amid the COVID-19 crisis, the global market for Business Travel estimated at US$674.5 Billion in the year 2020, is projected to reach a revised size of US$791.9 Billion by 2026, growing at a CAGR . Keeping in mind the uncertainties of COVID-19, we are . The Covid-19 pandemic reversed fortunes for the entire travel industry. By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion, above the 2019 pre-pandemic spends of $1.4 trillion. In 2025, global business . ALEXANDRIA, VAGlobal business travel spending reached $1.33 trillion in 2017, advancing 5.8% over 2016 levels, according to the GBTA BTI Outlook - Annual GBTA Trends suggest that choosing a hotel is the top priority, with Wi-Fi and breakfast included in the rates. A new study found that global business travel spending is expected to make a full return in 2024 when the sector returns to pre-pandemic totals. According to its latest quarterly report on trends and prospects for European tourism produced by Tourism Economics, the easing of border restrictions will unlock demand for global business travel but organisations' urge to travel will influence the . The current atmosphere of uncertainty can make it challenging to forecast such activities - the answer can change with each breaking news story of the day. By 2024, global business travel is forecast to have made a full recovery, ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion. However, global business travel spending is expected to surge in 2022 with full recovery expected in 2024-ending the year on pace with the 2019 pre-pandemic spend of $1.4 trillion, and a year sooner than previously forecast. Overall, the GBTA BTI Outlook - Annual Global Report & Forecast, sponsored by Visa Inc. finds that global business travel spending will hit a record $1.25 trillion USD in 2015, 6.5 percent growth over 2014. Spending on business travel related activity totalled $1.3 trillion globally in 2017. Annual business travel spending is expected to slow in 2023 but will pick up to nearly hit pre-pandemic levels by the end of 2024 with $1.4trillion in spending . The average daily cost of business travel in the US is $325 per day. And the Global Business Travel Association says: "Despite recovery setbacks in 2021, a year-over-year surge of 38% is expected in 2022 as recovery and pent-up demand kicks into a higher gear . The global business travel market is expected to reach a value of US$ 1.5 Trillion by 2027, exhibiting a CAGR of 8.49% during 2021-2027. U.S. Researchers expect the global figure to surpass the 2008 peak of $926 billion in 2011, with growth driven by strong trade conditions in Retrieved from Revfine; Statista (2021). Still, here are some insights for gaining greater clarity and management over your travel and meeting spend, courtesy of American Express Global Business Travel's Global Business . According to a report from the Global Business Travel Association (GBTA), the business travel industry declined by 53.8 percent in 2020 to $661 billion, but started to bounce back in 2021 by jumping 14 . New York, NY and Alexandria, VA, February 17, 2011 - New research conducted by American Express Global Business Travel and the GBTA Foundation (Global Business Travel Association) benchmarks the travel spending businesses require to help support their growth.It further explores the change in this suggested optimal spending level depending on the economic conditions and business . "Global business travel remains a critical driver of the success of organizations around the globe," said GBTA Executive Director and COO Michael W. McCormick. Global business travel spending will reach a record $1.18 trillion this year, up nearly seven per cent from 2013, bolstered by growth in China, a U.S. trade group said on Monday. China and the U.S. are expected to lead business travel spending this year with growth of about 30% apiece . International business travel spending is expected to recover to pre-coronavirus levels by 2024, says the European Travel Commission (ETC). Business Travel Crumbles to New Lows at -54%. A new study found that global business travel spending is expected to make a full return in 2024 when the sector returns to pre-pandemic totals. The top three industries that invested in project-based travel comprised manufacturing, real estate and professional services. Finally in 2024, the GBTA is forecasting global business travel making a full recovery and ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion. ALEXANDRIA, VAGlobal business travel spending reached $1.33 trillion in 2017, advancing 5.8% over 2016 levels, according to the GBTA BTI Outlook - Annual Global Report & Forecast, a new report released at GBTA Convention 2018 by the Global Business Travel Association. Last month, the Global Business Travel Association revealed that global business travel spending reached $1.33 trillion in 2017, a 5.8 percent increase from 2016 and the association forecasts a 7 . In 2019, the global business travel spending hit an all-time high of nearly $1.3trn.
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