The Global Business Travel Association reduced its outlook for growth of business travel spending from the U.S. as Europe’s economic woes add to domestic pressures on the sector. It now forecasts total business travel spending growth of 2.2% this year, down from its earlier estimate for an increase of 3.6%. However, the group expects international outbound travel will continue to drastically outpace domestic travel. It projects 2.9% growth this year followed by a rise of 7.2% in 2013.
More details in GBTA’s release.