Market Research Report
The Changing Nature of Business Travel: Analysis of key trends and business opportunities for the industry
|Published by||GlobalData||Product code||622442|
|Published||Content info||39 Pages
Delivery time: 1-2 business days
|The Changing Nature of Business Travel: Analysis of key trends and business opportunities for the industry|
|Published: March 27, 2018||Content info: 39 Pages||
Business travel is a trip undertaken for work purposes, as opposed to other types of travel such as leisure or daily commuting. Although technological advances have had positive ramifications for the communication of professionals around the world, the role of physical meetings, conferences, trade fairs, and events remains very important in international business.
During 2018, the economy is poised for "the broadest synchronized global growth upsurge since 2010". In particular, the IMF has revised its initial forecast for global growth upwards to over 3.5%. Increased business confidence, trade and a better outlook for both the US and the Eurozone are expected to boost the demand for business travel. According to the Global Business Travel Association (GBTA), business travel spending is expected to increase by over 6% in 2018, up from just above 5% in 2017. Although the increase in business travel spending will be driven by higher demand for such travel, a spike in airfares and hotel rates will also account for the rise in total spending.
International departures for business purposes are expected to increase by about 5.4%, from over 157million in 2017 to about 166 million in 2018, as a consequence of the improving economic landscape worldwide.
The key destination markets for business travel are China, the US, France, Italy, and the UK.As for the key source markets for business travel for 2017, the top five comprised China, US, Germany, India, and the UK.
The report "The Changing Nature of Business Travel", provides analysis of the following key components of Business Travel -
Companies mentioned in this report: St. Regis, Uber, Airbnb, Sheraton, Google, Waymo, Henn-na Hotels, KLM