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Business Travel to be Back on Track in 2013
Even though 2012 was not a good year for business travel, experts forecast 2013 to be a lot more successful in terms of earnings from business customers. The improvement will be noticeable despite the fact that there is still both political and economic uncertainty in many regions of the world.
Travel spending of US business visitors is expected to add 4.6% in 2013 and estimate US$266.7 billion. However, the number of business travellers is forecasted to fall by 1.1% to 431.8 million person-trips. US business travellers are also expected to make more international trips – this figure is expected to add 5.9%. Group trips will also return their positions slowly and will add 5.6% in 2013.
The growth of spending is expected to increase slowly. In the first quarter it will be approximately 2%, then it will be 2.9% in the second quarter. In the third quarter the growth is expected to go up to 6.4%, and end the year with 7.2%.
The growth of the international outbound business tourism estimated just 0.7% in 2012. Economic challenges in the Eurozone were one of the biggest reasons for that. It even had the negative effect on business travel in the United States and Asia.
Even though the Eurozone will keep struggling with its problems in 2013, the growth of retail sales in China is a good sign. China is even called an engine for the international outbound business travel.
In 2012, the spending of group travel added only 1.3% for the whole year. After such a challenging year experts foresee group business travels to grow. Today, business companies capitalize and seek new opportunities on new markets. This means that more in-person meetings and events will be held in different parts of the world, helping local hotels to develop and improve their results.
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