Spending on business travel expected to slow in 2012
While spending on business travel has surged this year, anxiety over an uncertain economic climate is expected to slow travel spending in 2012.
That is the forecast from the Global Business Travel Assn., a Virginia-based trade group for business travel professionals. The group estimates that spending on business travel in the U.S. will be up 6.9% this year over 2010, hitting $250.2 billion.
But the trade group predicts that a tentative economy next year will slow the spending trend, leading to a growth of 4.3% over this year, to $260.9 billion.
The one bright spot in the forecast is the continued growth in spending for international travel, which the group said should grow by 7.7% in 2012 to $34.3 billion.
“While international trips are more expensive and time consuming, their reward can be worth every cent,” said Michael W. McCormick, executive director of the association.
-- Hugo Martin
Photo: Passengers walk to the terminal at Bob Hope Airport in Burbank. Credit: Los Angeles Times