In 2012, spending on business travel by these five countries appears to be directly linked to the general state of each nation’s economy, with the recessionary conditions in Italy and Spain being reflected in their levels of spending on this activity. More specifically, the GBTA BTI™ report highlights a strong correlation between job growth and domestic business travel spend, with correlation analysis suggesting that domestic business travel spend tends to lead job gains by about one quarter. This correlation holds, to varying degrees, among all five European countries profiled. A strong correlation was also found to exist between international outbound business travel and the level of exports of the country in question.
As can be seen from the table below, it is likely that the overall spending on business travel by the five key national markets in Europe will grow modestly in 2013.
Business Travel Spending by European nations Country
France
Germany Italy
Spain UK
overall
2012 change over 2011 -2.2% ($35.7 billion USD)
1.6% ($50.8 billion USD) -6.9% ($32.9 billion USD) -7.8% ($17.9 billion USD)
No change ($40.2 billion USD) -2.2% ($177 billion USD)
Source: GBTA BTI™ Outlook –Western Europe report North America
In 2012, growth in the US economy was reflected in the level of demand for meetings which was sustained all year, to the point where the Advito 2013 Industry Forecast report noted that it was becoming increasingly hard to find availability for meetings, especially for large events in the US itself. Because it was once again becoming tougher to book meeting space at the last minute, lead times are generally stable or in some cases becoming a little longer in the US. The same source stated that in the US, 2012 had been more of a seller’s market than at any time since the recession of 2008. As a result, rates for meetings services and facilities were up. Rate increases were steepest in the largest cities, which is where demand has risen most sharply.
However, signs that optimism among US meeting planners may be moderated in the coming year are suggested by data from the IBTM Global Research - AIBTM Americas Industry Research Report, which highlights the similarities in forecasts of market conditions for the next twelve months between Americas buyers and Global buyers, as shown in the tables below. The Americas buyers' responses suggest they enjoyed slightly more favourable conditions than other parts of the world for the last twelve months but have a very similar view of the next twelve months.
Reed Exhibitions | EIBTM Trends Watch Report 2012 12
2013 change over 2012 1.1%
3.3% -1.2% -1.6% 2.8% 1.4%
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