Enter your email address and start getting breaking law firm and legal news right now!
Spending on Business Travel Expected to Increase
According to the Global Business Travel Association, the amount of cash spent on business travelling will increase and is “expected to rebound next year.” Relative to the government shutdown however, the forecasted rebound could be closer to a dead cat bounce.
Next year businesses are anticipated to spend 7.2% more than they have this year, somewhere in the region of $288.8 billion. The number of business trips is also expected to increase cumulatively by 1.6% to 459.2 million trips next year. This positive forecast indicates the growth of the economy in certain segments. Relative to the positive outlook ahead, an online poll was taken last week which found that people believe whatever increase would happen, may end up being halted and frozen by the “congressional stalemate.”
Close to half of the people surveyed indicated that they themselves, their business or their employees were affected negatively by the shutdown in some way or another.
From those who said they were negatively impacted by the shutdown, 57% said, “the business travel industry has been impacted by canceled meetings or business opportunities here in the U.S.,” according USA Today.
The Global Business Travel Association has a positive outlook, and forecasts more spending in travelling abroad not only for business but for leisure vacations as well. The GBTA predicts a 12.4% rise in travel spending that adds up to $36.6 billion. Their outlook includes “consistent profits, a stronger U.S. economy, and more people on the road in general.”
Image Credit: Net Bridge Global