If you’re a dad in the corporate world, you may start hitting the road more often. Business travel spending is on the rise across the board.
In the first quarter of 2014, business travel spending spiked nearly 8-percent, to $71.2 billion, according to a new report from the Global Business Travel Association (GBTA).
Overall, business travel spending is expected to increase 6.8% to $292.3 billion in 2014.
GBTA says the increase in travel budgets and fewer travel restrictions is a sign of rising management confidence in the economic recovery.
“Business travel spending in the U.S. supports 7.1 million jobs,” said Michael W. McCormick, GBTA executive director and COO. “We continue to see a correlation: growth in business travel is intrinsically linked to jobs development and ultimately growth in the U.S. economy.”
The group’s other key findings:
-Group business travel significantly outperformed individual business travel in 2013, growing 8.6%, a significant indicator that the business travel industry is recovering from the Great Recession and increasing discretionary spending.
-While individual business travel volume is only expected to grow 2.3% in 2014, spending is expected to increase 5.6%, driven by higher prices and additional spend-per-trip.
-International outbound business travel continues to rise, with trip volume expected to grow 6.6% and trip spending increasing 10.3% in 2014, an indicator that the global economic recovery is also underway.