Categorized | Etcetera

NBTA FINDS LARGEST DROP IN BIZ TRAVEL SINCE 9/11…

Posted on 16 August 2010

The NBTA Foundation, the research arm of the National Business Travel Association, released a comprehensive report analyzing the current state of global business travel spend and growth projections over the next five years. The study, sponsored by Visa, reveals that business travel spend around the world fell by 8.8% in 2009-the largest drop the industry has seen since the recession in 2001 and following the events of 9/11. At the same time, the economic recovery to date has surpassed expectations and, as a result, global business travel spend is projected to reach $896 billion in U.S. dollars this year and grow to $1.2 trillion by 2014. According to the report, while the world experienced the worst economic recession in 2008 to 2009 since World War II, the decline in business travel was worse in the recession of 2001. Business travel fell 11.5% in 2001 and strengthened by only 2% in 2002.

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