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The Global Business Travel Association (GBTA) is readjusting its projected spending forecast upward on global corporate travel in the coming years, with new projections peaking in 2027 at $1.8 trillion (the range of the projections are 2024-2027). The positive news is part of the 2023 GBTA Business Travel Index Outlook Annual Global Report and Forecast, its yearly findings in collaboration with Visa, which was announced at the association’s convention in Dallas this week. The expansive report includes data from 72 countries and 44 industries, as well as input from 4,700 business travelers across five global regions.
With global recession fears in 2022 and 2023 abated—for now—both years have seen stronger than expected rebound in the sector across the world. GBTA now predicts that spending will crest pre-pandemic levels in 2024 at $1.4 trillion, besting the previously estimated mid-2026 recovery date. The report also credits the progress that has been made in combating the pandemic for the accelerated pace, as well as the return of in-person meetings.
GBTA Executive Director Suzanne Neufang
“The headwinds that were anticipated to impact the rebound of global business travel over the past year didn’t materialize and that is good news. This latest forecast now indicates an accelerated return to pre-pandemic spending levels sooner than anticipated as well as growth ahead in the coming years. Business travel spending is a key indicator, but how travel volumes will continue to rebound is yet to be seen,” said GBTA CEO Suzanne Neufang. “The BTI data also reflects the remarkable efforts of the industry to adapt, innovate, and thrive despite the challenges, along with the ongoing role and value of business travel to economies, companies, and professionals worldwide.”
Some of the report’s findings:
- In 2022, global business travel spending rose 47 percent to $1.03 trillion. These strong gains have continued into 2023, with 32 percent growth in global expenditures expected this year. The estimated breakdown of the $1.03 trillion in business travel expenditures includes $183 billion in air spend, $395 billion in lodging spend, $191 billion in food and beverage spend, $138 billion in ground transportation spend, and $121 billion in other travel expenses.
- Recovery in business travel continues to vary by region. Western Europe was the fastest growing region globally in 2022. North America and Latin America saw spending growth accelerate significantly in 2022. Emerging Europe continues to lag in its recovery, challenged by the war in the Ukraine. Further, although China lags behind the rest of the world due to its late economic reopening, is it projected to claim the top spot in 2023.
- The industries with the strongest resiliency include construction, education, and professional, scientific, and technical activities.
- GBTA is keeping an eye on factors that could impact future projections, including increased focus on sustainability initiatives, widespread adoption of meeting technologies, growth in the remote workforce, and the rise of blended travel (bleisure).
- Business travelers globally currently estimate their own business travel spending, on average, amounts to $1,018 per person per trip. On average, lodging accounts for $391 while ground transportation clocks in at $136. Also, bleisure is still a rising trend.
GBTA members can download the full report on the GBTA Hub.
Visit gbta.org for more information.
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Livonia, Mich.-based van builder MobilityTRANS, a division of Forest River Bus, recently donated a new Ford E-Transit van to the Pope Francis Center in order to provide safe transportation for guests requiring additional assistance. The upfitted E-Transit van customized by MobilityTRANS was delivered to Fr. McCabe and the Pope Francis Center at a special ceremony on August 8.
MobilityTRANS General Manager Dave Brown (left) hands over the keys to a new Ford E-Transit van to Pope Francis Center Executive Director Fr. Tim McCabe
The bus upfitter installed a flexible seating system, wheelchair lift, security mechanisms, passenger assist steps, grab bars, windows, and a climate control system. In addition, MobilityTRANS has provided a Level 2 charging system for the Pope Francis Center to charge the all-electric vehicle at its new Bridge Housing Campus.
The Pope Francis Center, which provides vital services for people experiencing homelessness, will use the van as eco-friendly transportation for guests to attend medical and dental treatment appointments, job, and other interviews, and for moving people to safer environments during extreme weather. The van can accommodate up to 10 passengers or eight if a wheelchair is in use.
"We are honored to collaborate with the Pope Francis Center, donating this Electric E-Transit van," said MobilityTRANS General Manager Dave Brown. "It perfectly aligns with our mission of providing accessible transportation solutions and improving the well-being of individuals facing adversity. We are grateful for the opportunity to support the Pope Francis Center's impactful work."
The van will be a critical part of the new Pope Francis Center Bridge Housing Campus in the Core City neighborhood. Scheduled to open next year, the Campus will provide 40 apartments and wrap-around services to guests transitioning from homelessness to permanent, supportive housing.
“This vehicle will literally help save lives,” said Pope Francis Center Executive Director Fr. Tim McCabe. “Whether it's a severe weather emergency or the urgent need for medical attention, we now have a way to move people without options to a place of safety. We could not be more grateful for this extraordinary gift.”
MobilityTRANS extends its deepest appreciation to the Pope Francis Center for its ongoing dedication to serving the community. This collaboration is a testament to the power of partnership and an important step toward a more accessible, sustainable, and compassionate future for all.
Visit mobilitytrans.com or popefranciscenter.org for more information.
[08.15.23]
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The 2025 IQ has an estimated 450-mile range
Go big or go home: Cadillac debuted their 2025 Escalade IQ, an all-electric version of their best-selling (and industry staple) luxury SUV. Among the first luxury automakers to offer such a large SUV on an electric (Ultium) platform, the Escalade IQ has an estimated range of 450 miles with 750 horsepower and features a pillar-to-pillar 55-inch LED display that controls pretty much everything in the vehicle.
The IQ has the traditional three-row seating
You can expect the usual high-end bells and whistles on the three-row SUV—Adaptive Air Ride Suspension, Automatic Parking Assist, Blind Zone Steering Assist, panoramic fixed-glass roof—but it also borrows from its cousins, the all-luxury Celestiq and the GM’s all-electric Hummer. An Executive Second-Row Seating Package will give you stowable tray tables, 12.6-inch-diagonal personal screens, a rear command center screen, USB-C and HDMI ports, massaging seats, and headrest speakers. Note that it has a base price of $130,000, so chances are you’re going to be watching those added costs like a hawk.
The front storage offers 12 cu. ft. of space
A 24-module Ultium battery serves as the foundation of the Escalade IQ, with a flexible, 800-volt DC fast charging capability to juice up to 100 miles of range in 10 minutes of charge time. Plus, it comes with Super Cruise, which—using a system of LiDAR map data, GPS, Google Maps, and plenty of cameras—is their hands-free advanced driver assistance system.
Bonus storage in the so-called eTrunk at the front of the vehicle gives 12 cu. ft. of cargo space. It’s currently expected to be offered in two trims: Luxury and Sport, but no word on whether the ESV equivalent will be available in electric in the future. However, the Escalade IQ is nearly as long as the non-electric ESV: 224.3 inches vs. 227 inches (compared to the standard Escalade at 211 inches).
The display features an expansive 55-inch LED screen
“Escalade IQ is first and foremost a Cadillac and delivers on a promise of innovative design supported by spirited performance and cutting-edge technologies,” said Escalade IQ Executive Chief Engineer Jamie Brewer during the unveiling. “The EV-specific architecture allows us to deliver a driving experience aligned with Cadillac’s philosophy of isolated precision—quiet, smooth and effortless with a strong connection to the road for an engaging experience.”
The Escalade IQ will be produced at GM’s Detroit-Hamtramck Assembly Center and is expected to be available sometime in late 2024. No word yet on livery programs or pricing, but we’re sure more information will be available once the release date nears.
Visit cadillac.com for more information.
[08.14.23]