Global business travel spending growth forecast 2015-2020

Global business travel spending growth forecast from 2015 to 2020

by S. Lock, last edited Aug 28, 2018
Global business travel spending growth forecast 2015-2020 This statistic shows the global business travel spending growth forecast from 2015 to 2020. Global business travel spending was forecasted to increase by 6 percent in 2017 and a further 6.1 percent in 2018.
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 was expected to increase annually between 2015 and 2020.

In the year 2014, it was 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 in 2016, with almost 284 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 traveling for work in 2016 amounted to some 322.96 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.
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Global business travel spending growth forecast from 2015 to 2020

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