U.S. business travel spending growth slowed during the tail end of 2012 due to political and economic uncertainty, but 2013 spending should see modest growth, according to a new report.
The Global Business Travel Association's outlook forecasts U.S. business travel to rise 4.6 percent in 2013 to $266.7 billion, fueled by growth in international outbound travel and group travel for meetings and events.
"While companies will approach the first half of the year with some caution, pent-up demand to get back on the road should hopefully fuel accelerating growth in business travel spending through the end of 2013," said Michael W. McCormick, the association's executive director, in a release. (Read more: Travelers to Pay More for Services in 2013)
Among the key growth drivers for travel in 2013:
- International travel spending is projected to rise 5.9 percent
- Group travel spending is forecast to gain 5.2 percent
U.S. business travel spending for 2012 is estimated at $254.9 billion, according to the report sponsored by Visa. The spending increase was mainly due to the rising cost of airfares, car rentals and other travel services.
The full report is available by clicking here.