Growth projected two to three times faster in developing economies
A new report analyses the current state of global business travel spending and growth projections over the next five years. The Global Business Travel Spending Outlook 2011-2015, sponsored by Visa, reveals that business travel spend around the world increased by 8.4% in 2010 after falling 7.8% in 2009. Global spending on business travel is projected to grow by another 9.2% in 2011, to just over $1 trillion.
The global economic recovery is occurring at two different speeds, according to the GBTA study, and that is reflected in the recovery of global business travel. Compound annual growth in business travel spending in Brazil, Russia, India and China is projected to grow two to three times faster than in developed economies. Overall, business travel growth has been driven by healthier corporate balance sheets and profits, boosting international business trips. In China, currently the world’s second-biggest business travel market, business travel spending is growing four times more quickly than that of the United States. It is scheduled to be the world leader by 2015.
[pictured: Flying business class with Singapore Airlines]