According to a recent study conducted by the American Express Global Business Travel EVP Barometer, it was revealed that business travel spending in Europe grew by 0.9% in the year 2014.
Breaking the three-year slowdown, it has been said that the growth is credited to the globally improved economic conditions, but specifically of the countries France, Spain, Italy, Holland, Denmark, Sweden, Belgium, Norway, and the United Kingdom.
The study predicts the continuation of an upward trend in the following years to come. The research states that as companies become increasingly aware of the importance of travel for business expansion, the business travel expenditure will continue to rise.
According to the newly revealed statistics, nearly 50% of companies are expected to develop and augment international business activities this year, as opposed to 38 and 35 percent of companies in 2013 and 2012 respectively.
Europe showed the most amount of growth in business travel, representing nearly half of the total growth of expenditure. The American Express Global Business Travel EVP Barometer has found that this increase in business travel spending is greatly attributed to two cost controlling tools which include online booking and advanced booking along with an increased use of cellular technologies.
While cost controlling and expense management remain top priorities for many business, traveler comfort falls way below, landing at sixth position in 2014, as compared to fourth position in 2013.