Business travel spending is expected to rise 5.1% in 2013, a sign of a stronger economy and high consumer confidence, according to a trade group for business travel managers.
The Global Business Travel Assn.'s latest prediction is an increase from its last prediction of a 4.6% increase in business travel spending over 2012. Travel spending grew by only 1.8% in 2012 over the previous year.
The 5.1% increase means business travelers in the U.S. will spend an estimated $268.5 billion in 2013, according to the trade group.
The increase in travel spending comes primarily from an expected surge in group travel for conferences, meetings and conventions, the association said.