Government budget cuts will have some impact on 2013 growth, but overall business sentiment is improving which is enough to keep travel spend climbing upwards at a significantly higher rate than 2012.
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U.S. business travel is now expected to rise 5.1% in 2013 to $268.5 billion, which is an upgrade from the 4.6% growth to $266.7 billion that GBTA predicted last quarter and a substantial increase from 1.8% growth in 2012.
- GBTA’s forecast upgrade will be driven in part by stronger growth in group spending, which is now expected to increase 6.0% to $115.9 billion – up from 5.2% growth forecast in Q4.
- GBTA’s outlook for trip volume remains essentially the same from last quarter – a slight decline of -1.1% to 431.7 million person-trips.