U.S. business travel volume is expected to increase over the next two years, as the U.S. economy moves into higher gear. Meanwhile, lower oil prices are expected to allow more modest pricing growth in air travel, ground transportation and rental cars in 2015, according to the GBTA BTI Outlook – United States 2015 Q1, a report from the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), and sponsored by Visa Inc.
Overall, U.S. business travel spending is expected to advance 3.1 percent to $295.7 billion in 2015, a lower figure than last quarter’s forecast due to lower than expected prices on travel goods and services. Total person-trip volume, on the other hand, is expected to increase, more than previously expected, by 1.7 percent to 492.1 million trips in 2015, This rise in volume follows three quarters with relatively no change in GBTA’s forecast.
“The expected increase in U.S. business travel volume is an excellent indicator of how the overall domestic economy is faring, with every sector and consumer spending performing better than we’ve seen since 2009,” said Michael W. McCormick, GBTA executive director and COO. “Thanks to a healthier domestic economy and a stronger U.S. dollar, companies are putting more travelers on the road not only because they can afford to, but because they continue to see a strong return on their business travel investment.”
The GBTA report’s key findings include:
The GBTA BTI Outlook – United States report is available exclusively to GBTA members. Non-members may purchase the report through the GBTA Foundation by emailing pyachnes@gbtafoundation.org.