GBTA: International Outbound Travel Expected to Drive 2014 Growth
Wednesday January 15th, 2014 - 10:29AM W
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ALEXANDRIA, VA—Business travel finished 2013 with stronger than expected growth and heads into 2014 with a robust outlook, according to the Global Business Travel Association (GBTA).
The optimistic forecast is being driven by an increase in U.S. spending on international outbound travel, which is expected to jump 12.5% in 2014 to $36.7 billion. This follows 1.8% growth in 2013 and 0.8% expansion in 2012.
Overall, U.S. business travel spending is expected to advance 6.6% to $298.8 billion in 2014, while total person-trip volume is expected to increase 1.7% to 461 million trips for the year, according to the GBTA BTI Outlook—United States 2013 Q4, a report from the GBTA.
Tags: GBTA • study • Hospitality •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.