According to data released by the Global Business Travel Association, 2013 is on track for a 5.4% increase on spending travel over 2012, a pattern expected to continue on an upwards curve.
The Global Business Travel Association (GBTA) revealed figures that suggest an upswing in business travel through 2018. This year, the industry is on track to benefit from $1.12 trillion dollars in spending, a 5.4% increase from 2012. The pattern is expected to continue, even at a higher growth rate, over the next five years as well. 2014 should benefit from an 8.2% increase in spending, a 7.6% increase in 2015, 7.2% in 2016 and 7.1% in 2017.Not surprisingly, much of this growth is expected to be lead by the Asia Pacific region, which has posted 8% annual growth since 2000, totaling $393 billion dollars in 2012. GBTA expects that China will surpass the U.S. as the largest business travel market in the world by 2016. While China may be the largest growing business travel market, India is expected to have the highest growth rate at 13.5% per year over the next five years.Latin American business travel totaled $49 billion dollars in 2012. Brazil has earned its BRICS title as the largest business travel market in Latin America, with total business travel spending at $30 billion dollars in 2012. Total spending on Brazilian business travel is expected to grow by 7.3% on per year over the next five years, to become the 6th largest business travel market in 2014, surpassing Italy and France.Although with a less phenomenal growth rate than the BRICS, Western Europe is expected to see a recovery in business spending after a difficult past few years.
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