Overcoming the blues of recession, US companies spend on business travel in 2010 increased by 5.3 percent for an average of $96,851, and is expected to advance by 5 percent in 2011, according to a report released by Global Business Travel Association (GBTA), formerly called NBTA.
The overall growth of business travel spend in 2010 was estimated at 2.3 percent, a sharp contrast to the 14.1 percent drop in spend the US experienced in 2009, the report said.
A number of factors including higher than expected GDP, stronger exports and very strong corporate profits in the United States heralds optimism for business travel industry this year as well.
According to Michael W. McCormick, NBTA Executive Director and COO, “these trends are translating into greater business travel spending as companies invest in travel to drive revenues and compete aggressively in a recovering economic environment.”
American companies are seeking opportunity in export markets that would continue to reap positive rewards for business travel. “Companies are once again recognizing the value of face to face meetings with customers, prospects, partners and colleagues to build relationships and set the stage for top-line growth,” McCormick said in a statement.