(Source: Tulsa World)
By D.R. Stewart, Tulsa World, Okla.
April 23--Business travel and spending grew at stronger-than-expected rates in 2010's fourth quarter, and business travel spending in 2011 is now expected to be even stronger than the 5 percent growth forecast in the first quarter, said the Global Business Travel Association.
The GBTA estimates business travel spending in 2011 will be $245 billion, a 6.9 percent increase compared with 2010.
Business travel spending was up by $4.2 billion in 2010's fourth quarter -- the strongest seasonally adjusted quarter-over-quarter business travel growth since the recession began -- due to improving economic conditions and increasing corporate confidence, the association said.
"These are very heartening signs," said Michael W. McCormick, GBTA executive director and chief operating officer. "Business travel spending is coming back at robust levels, indicating the shape of things to come -- namely more travelers on the road, an improving economy and a positive environment for continued job growth. Thanks to increasing corporate confidence, companies are investing more in business travel, which will further stimulate business activity and economic growth."
With economic improvement and more business travelers hitting the road, travel prices are also recovering, GBTA said. Rate analysis based on an aggregate of air fare, lodging, meals, ground transportation and car rentals shows travel prices in 2010 increased by 2.5 percent, and they are projected to increase between 2 percent and 4 percent in 2011, the association said.
D.R. Stewart 918-581-8451
don.stewart@tulsaworld.com
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