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Some great news coming from the Global Business Travel Association (GBTA) this week: Business travel is on track to hit a record of $1.48 trillion in 2024, finally surpassing the previous record of $1.43 trillion in 2019. These numbers are courtesy of the newest GBTA Business Travel Index Report, known as the BTI, released at the GBTA Convention this week in Atlanta.
This is the first time that spending is above pre-pandemic levels, and GBTA predicts that growth will stabilize in the coming years to an annual compound growth rate of 6.95% from 2025 to 2028. The report cites favorable conditions in 2022 and 2023 as well as higher confidence of the C suite in the value of business travel.
GBTA CEO Suzanne Neufang
“We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide,” says GBTA CEO Suzanne Neufang. “With projected spending expected to continue to increase through 2028, the future of business travel looks promising. However, we must remain vigilant and adaptive to potential headwinds in this period of stabilization, as factors such as changing economic conditions, technological advancements, and sustainability developments will also shape the sector ahead.”
Some important highlights of the report:
- Recovery in business travel continues to vary by region. Asia Pacific emerged as the fastest-growing region in 2023 (36%), followed by Western Europe (33%) and North America (25%). The recovery bounce back was led in 2023 by the US, Middle East and Africa, and Latin America, all achieving 100% or more of 2019 spending numbers. For 2024, China and the US are forecast to continue to lead as the top two markets, respectively, for overall business travel spending.
- The financial and insurance activities sector is projected to experience the most significant expansion (72%) in business travel spending through 2028, while retail trade (41%) and agriculture, forestry, and fishing (32%) sectors are expected to lag.
- Potential upside impacts for the business travel sector include ongoing economic stability, technological advancements, particularly in artificial intelligence (AI), and stronger-than-expected economic growth in key markets like the US and India.
- Business travelers globally estimate their own spending, on average, amounts to $834 per person based on their last business trip with ground transportation capturing $103 of that total.
- When asked about their greatest priorities while traveling for work, maximizing comfort (43%) and minimizing cost (41%) are on the same level globally, with 16% saying reducing carbon emissions. Additionally, European travelers (22%) are more likely to prioritize reducing their carbon footprint compared to other regions.
- Nearly two-thirds (61%) of global business travelers across all regions use a corporate credit card to book, with North American travelers ranking the highest.
The entire report can be found here.
Visit gbta.org for more information.
[07.23.24]
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Our country may be in the midst of a summer heat wave, but it’s never too early to start thinking about the next Chauffeur Driven/National Limousine Association Show: Registration for the biggest industry event of the fall is now open! Mark your calendars for October 13-16 because you can’t afford to miss this incredible networking, educational, and purchasing opportunity that brings nearly operators, vendors, and other industry professionals together from around the world. Visit cdnlashow.com to take advantage of our Early Bird Rate of $475, while NLA members can save an additional $76 for an unbeatable rate of $399! And while you’re registering for the show, secure your accommodations and book your room to take part in our exclusive $259/night room block. Click here to book today.
We’re heading back to the D.C. metro area this year, at the thoroughly modern and utterly spectacular Gaylord National Resort & Convention Center, situated right on the banks of the mighty Potomac River. Easy to get to by plane, train, or car, the Gaylord National itself is a well-appointed resort that puts you right in the heart of the iconic National Harbor on the Maryland side of the river, so you can play as hard as you work if you make a vacation out of this in-demand destination site. This area is like a mini-city with plenty of restaurants and shopping surrounding the property, not to mention the MGM Casino just a mile away.
Inside the Gaylord, you’ll find everything from various bar and restaurant options to a stunning atrium befitting our nation’s capital. And with our event practically taking over the property, you’ll find an opportunity to connect with your peers at literally every turn.
Of course, a beautiful, close-knit location is just one part of the appeal of CD/NLA shows: We have some incredible returning programs, an all-encompassing array of educational offerings, and some one-of-a-kind networking activities in store for you—including our always-epic evening events. Again, head over to cdnlashow.com for a peek at our schedule to see what we have planned for 2024.
The CD/NLA Education Committee, spearheaded by co-chairs Jason Sharenow of Broadway Elite Worldwide and Karl Guenther of Statement Limousine, is winnowing down the extensive list of topics to deliver the most relevant, timely, and intensive education that can be applied to all business sizes and markets. We have an amazing 11 educational sessions on our schedule, along with three deep-dive interactive workshops that are designed to build on topics discussed earlier in the show. The Wednesday workshops will be collaborative as attendees will break into small groups for intensive discussion, so your participation is essential. By the time you leave the show, you’ll have a solid playbook on how to make these topics work nearly immediately for your business.
We’ll be announcing the full educational program in the coming weeks, including the Wednesday workshops, but some of the subjects that have been green lit include:
- Managing generational differences in the workforce
- Tips and tools for mastering the affiliate game
- Preparing for and executing large group bookings
- A cutting-edge AI session
- Creating and building your company brand
- Personality and relationship management
We will also be holding an interactive roundtable for smaller and newer operators, and—for the first time—you’ll be able to get a behind-the-scenes look at exactly what the Show Education Committee goes through in developing the sessions and choosing speakers, with a moderated panel discussion featuring members of the committee. Bring your questions, ideas, and any future topics you’d like to see.
In the meantime, stay tuned to our weekly e-news for further details about the coming Fall Show including the always-exciting Operator Mentoring Program and Affiliate Central Global Forum.
Visit cdnlashow.com for more information.
[07.23.24]
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The American Bus Association (ABA) has selected Fred Ferguson as its new president and CEO. Ferguson succeeds Peter Pantuso, who announced his intention to retire in 2024 late last year. A committee was convened earlier this year to search for a candidate to fill his ample shoes. Ferguson's tenure is effective July 29, 2024.
ABA President & CEO Fred Ferguson
According to a press release from ABA, Ferguson has more than 15 years of extensive experience in public policy, strategic communications, and leadership within the government, nonprofit, and private sectors. Fred Ferguson joins ABA following his notable tenure at Vista Outdoor Inc., where he was VP of Public Affairs and Communications. At Vista Outdoor, Ferguson led state and federal lobbying, industry relations, and corporate communications and chaired the Vista Outdoor Foundation. He has been recognized multiple times as a Top Lobbyist and CSR Professional and has successfully navigated complex communications strategies for significant M&A transactions totaling over $3 billion. His experience includes testifying before Congress and executive branch committees on seven occasions and leading a successful lobbying campaign resulting in a multi-year, $42 million business opportunity.
"ABA sits at the crossroads of so many dynamic businesses and industries," says Ferguson in the press release. "I'm most excited about bringing together this diverse coalition to connect more people with more places. My top priority is getting to know the ABA staff and our membership. I plan to listen and learn so that we can seamlessly execute during the transition while beginning the process of building our long-term strategic plan and expanding our Association’s value proposition for current and new members alike."
ABA says that Ferguson will focus on uniting diverse stakeholders to drive shared causes and improved outcomes in the organization’s new era. He is committed to advocating for the mobility industry, connecting the industry, and supporting the community through the ABA Foundation, workforce development, and industry councils. He will also serve as president of the National Bus Traffic Association as well as president of the ABA Foundation, the organization’s scholar and research arm.
"I am thrilled to hand over the reins to Fred Ferguson. His vast experience and proven track record in public policy and strategic communications ensure that ABA is in skillful hands,” says Outgoing President & CEO Peter Pantuso.
Ferguson also has the full support of ABA’s Board: “As we move forward and into this new era for travel and transportation, it’s imperative that our members' voices be heard at all levels of government. Fred’s years of experience in advocacy and communications make him the perfect leader to navigate these new roads ahead,” says Board Chair Terry Fischer.
Visit buses.org for more information.
[07.23.24]