Visa has long recognized the importance of travel and tourism to global economies. In addition to working with tourism entities around the world, we also work with organizations like the Global Business Travel Association (GBTA) to understand the key trends in business travel. We invited the GBTA to share the latest findings of the GBTA BTI™, an index of business travel spending sponsored by Visa. For more information, to read the entire report or any past BTI outlooks, visit www.gbta.org. – Tad Fordyce, head of global commercial solutions at Visa Inc.
Each year the Global Business Travel Association (GBTA) takes a comprehensive look at business travel spending in key countries throughout the world in our GBTA BTI™ Outlooks. The reports, which are sponsored by Visa, help companies and the travel industry understand the current business travel landscape, make better decisions about their travel spending and forecast future business travel trends.
Today, we released the GBTA BTI™ Outlook report on Brazil, which confirms that Brazil continues to be red hot in terms of travel. While total travel spending is expected to rise with large number of tourists anticipated to visit the country with the 2014 FIFA World Cup™ and the 2016 Rio 2016 Olympic Games, business travel is also booming in the largest South American economy.
The GBTA BTI forecasts Brazilian total business travel spending to grow 14.3% in 2013 to $34.5 billion, and will continue to grow another 16.1% to $40 billion in 2014. With these forecasts, Brazil business travel spending is on track to surpass Italy, France and the UK over the next two years. This impressive feat is even more astounding when you consider Brazilian business travel spending has nearly tripled since 2000, from $11 billion to more than $30 billion in 2012.
When examining what’s driving the growth, domestic business travel continues to be the bulk of the spending, with a forecasted 12.9% growth in 2013 to more than $27 billion. International outbound travel from Brazil is expected to grow even faster, expanding 20.2% in 2013 to a total of $7.1 billion. These numbers correspond closely to Brazil’s overall economic and job growth.
While Brazil is poised to continue its rapid ascent in both economic and business travel growth, there are still issues that need to be addressed to maximize the nation’s opportunity. Both domestic and international inbound business travelers can expect to see higher air and hotel prices, driven by increased demand and a lagging supply. The country is continuing to rapidly modernize its travel infrastructure, including Visa’s efforts to increase the country’s electronic payment network, helping to ensure that business travelers can pay securely and conveniently throughout Brazil.
Joe Bates, Vice President, Research, GBTA
Posted by: Visa Corporate Relations Team on March 13, 2013 at 9:48 am