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September 2022, Virtual
September 29 2022, Virtual
Business travel is continuing to outperform the wider British economy, according to the latest figures from the GTMC.
While the UK economy saw a 0.3 per cent drop in gross domestic product (GDP) for the last three months of 2012 raising fears of a “triple-dip” recession, there was a 4 per cent in overall transactions through the GTMC’s members over the same period.
Total transactions for the GTMC’s 36 members reached 4.14 million between October and December – up by 4 per cent from 3.99 million for the same quarter in 2011.
There was also a 4 per cent increase in transactions for GTMC members throughout 2012 to 17.5 million compared to 16.9 million in 2011.
New GTMC chief executive Paul Wait said: “The GTMC 2012 year-end transaction figures are very heartening - business travel is still buoyant and deals are being done.”
The number of air transactions grew by 2.5 per cent to 1.57 million during the last quarter of 2012, while hotel sales were up 3 per cent to 1.07 million, rail bookings rose by 9 per cent to 1.3 million and car hire was also up by 9 per cent to 84,500.
Wait added: “Similar to the commentary coming out of the City regarding the strength and growth of share prices - suggesting growing business confidence - the GTMC survey proves that despite the economic performance to date, air travel transactions have remained at a constant level.
“I have maintained the position that business travel should be regarded as an investment and not a cost and that it is vital to a successful company performance.”