This statistic shows the global business travel spending growth forecast for 2014 and 2015. Global business travel spending was forecasted to increase by 6.9 percent in 2014 and a further 8.6 percent in 2015.
Business travel - additional information
Business in the 21st century is no longer limited to a small geographical area, as internet communication and almost universal access to travel and accommodation allow for easy national and transnational movement between companies, their partners, customers, suppliers or distributors. Although multinational corporations and business travel have a long history, they have reached unprecedented levels in the modern era and seem to be growing every year. A recent forecast shows that spending in this market increased by 6.9 percent in 2014 and was expected to grow a further 8.6 percent in 2015.
In the year 2014, it is estimated that some 34 percent of worldwide travelers took a business trip in their own country, while 16 percent traveled internationally during the same period. The total business travel market generated sales worth hundreds of billions worldwide, with more than 270 billion U.S. dollars spent by travelers from the United States alone. Some of the most common reasons for business men and women to travel include visiting other company locations or customers and suppliers, as well as participating in meetings, congresses and exhibitions related to their industry. Additionally, many companies use incentive trips as a way to motivate employees. As a result, within the business travel market, the abbreviation M.I.C.E. stands for the words meetings, incentive, conferences and exhibition.
In the United States, the average per diem offered by companies to their employees travelling for work in 2014 amounted to some 300 U.S. dollars. According to travel agents, some of the amenities that business travelers look for when preparing their trips are free in-room Wi-Fi connection, free breakfast, room service and staff that can speak their native language, while one of their biggest concerns is having to experience delayed flights.