BUSINESSES AROUND THE world are expected to spend 6.1 percent more on travel in 2018 than the year before, said the Global Business Travel Association.
In 2017, business travel spending growth is expected to come in around 5 percent above the $1.3 trillion spent in 2016, said the GBTA.
The U.S. saw nearly $284 billion in business travel spending in 2016, close to the same amount generated in 2015.
The association said increased business confidence in the global economy will result in more hiring and subsequent travel. The demand will cause room rates to rise by an average of 3.7 percent and airfare by 3.5 percent. North American hotels will see an increase of 2.9 percent.