Business travel - additional information
Multinational corporations have been around at least since colonial times, when businesses such as the East India Company were pursuing trade between England and the Indian subcontinent. However, one of the many consequences of globalization in today’s world is overcoming physical distances with the aid of fast-speed internet, electronic devices and cheaper and safer means of travel to almost any corner of the world. Today it is easier than ever to get on a plane in order to join a business meeting or to attend conferences and exhibitions for example on another continent within hours.
The global business travel market generates sales worth hundreds of billion U.S. dollars every year and it includes both national and international travel, accommodation, additional transportation and many other amenities. According to a recent forecast, the industry’s spending increased by 8.6 percent in 2015. With work-related travel expenses worth more than 291 billion U.S. dollars in 2015 alone, China is the leading country for business travel. The United States ranked second, with 289.84 billion U.S. dollars spent on business travel in 2015, up from 288.4 billion the previous year. Germany is ranked a distant third, with business travel spending amounting to some 63.53 billion U.S. dollars in 2015, up from 57.9 billion in 2014.
For 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 for the same purposes. The most expensive city in the world for business travels (outside of the United States) is currently Venezuela’s capital, Caracas (officially Santiago de León de Caracas). According to industry experts, every day spent here costs business travelers an average of 1,702.44 U.S. dollars. Cities like London, Muscat, Geneva and Tokyo are also featured on this list, with average daily costs of over 500 U.S. dollars each.