While technology has made it easier for corporations to do business globally without the need for travel, that does not mean that business travel is going anywhere anytime soon. In fact, it seems that the exact opposite is happening.
According to USA Today, business travel is seeing a surprising amount of growth.
The Global Business Travel Association reported that business travel in the first 3 months of 2014 increased by 3% based on the number of business trips taken. That's a significant year-over-year increase that shows that corporations are increasing their travel plans in the hopes of increasing their business. The amount of money businesses spent on business travel increased by 7.1% compared to the same period last year.
Much of the increase in business travel is attributed to the rising interest in conferences and conventions, which are becoming more popular than ever.
While the number of business trips is clearly on the rise, the amount spent is on the rise as well for more reasons than just an increase in corporate travel. It appears that cost increases on fuel, hotel rates and airline tickets are driving up prices. But despite this, the increase in the number of trips taken reflects a growing trend.
With business travel on the rise, 2014 is looking to be a banner year for the corporate travel industry.
According to the study, it is expected that U.S. businesses will spend a staggering $292 billion, a stunning 6.8% increase over the previous year. That growth is higher than the overall travel industry for the year and shows that corporations are finally loosening their expense accounts after years of belt tightening as a result of the great recession in the hopes that they can drive business further to get new gains.
If you want to capitalize on the increase in business travelers, you may need to undergo Hospitality Renovations to make your property competitive or to outfit it with features and amenities that this group of travelers. Jaguar Hospitality can help you attract new business travelers with its Hospitality Renovation Solutions that are cost-effective and suit a wide range of projects. To learn more about our services, contact us at (214) 295-3574 or info@JaguarHospitality.com.