U.S. business travel ended 2014 on a positive note, with record spending expected to top $292 billion, according to a report from the GBTA Foundation. The projection for 2015 is strong, too. Lower oil prices are expected to promote consumer spending and economic projects.
The forecast comes from the GBTA Foundation’s fourth-quarter outlook report. The foundation is the education and research arm of the Global Business Travel Association.
Of special interest to meeting planners, the report found that although group-trip volume will likely finish down 2.2 percent year-over-year, that’s simply a stabilization after extraordinary growth in 2013. On the plus side, group spend-per-trip is on pace to increase to $715 in 2014, up from $660 in 2013. Both volume and spending are expected to tick upward in 2015 by 1.5 percent and 6.7 percent, respectively.