Global Business Travel Association
Euro debt crisis threatens U.S. business travel
Anti-austerity protest in Athens, Greece
If the European debt crisis grows significantly worse it would wreak havoc on U.S. business travel, according to new research from the Global Business Travel Association Foundation (GBTA). According to a new report, U.S. Business Travel Outlook: European Debt Crisis Scenario, a severe crisis could result in a 9% decline in trips and 16% drop in spending – nearly $88 billion.
Given the critical role of business travel in facilitating economic growth, the current slow U.S. recovery could be severely hampered if the European debt crisis is not resolved. International outbound travel, which has played an outsized part in the revival of business travel since the recession, would be crushed by further deterioration in the Eurozone.
European Debt Crisis: From the Current Situation to the Potentially Severe
The research identified three different scenarios for the European Debt Crisis:
- Baseline/Current Scenario: A mini recession in Europe, which is already expected, would be short lived and would result in continued growth in U.S. business travel spending at $263.5 and $277.3 billion in 2012 and 2013 respectively. The number of trips taken is also projected to grow slightly at 443.1 and 443.6 million trips in 2012 and 2013 in the baseline situation.
- Moderate Scenario: A prolonged recession in Europe would result in business travel growth flattening with a reduction in spend of almost $40 billion (-7%) and roughly 42 million trips (-5%) forecast between 2012 and 2013.
- Severe/Extreme Scenario: Widespread debt and banking failures across the Eurozone and possible dissolution of the European Union would push spending back to levels not seen since the Great Recession with a reduction of spend of nearly $88 billion (-16%) and trip volume by over 76 million trips (-9%) forecast between 2012 and 2013.
"This data serves as a wakeup call to the entire industry as we watch European policy makers work to contain the debt crisis. While these problems are happening abroad, they most certainly can have an effect at home," said Michael W. McCormick, executive director and COO, GBTA. "We've seen a resurgence in business travel investment, meaning slow but strong economic recovery for the U.S. However, in a severe situation where the Eurozone may even break apart, business travel would drop dramatically, severely impeding economic growth overall."
The research was conducted through an analysis and econometric model used in GBTA's Business Travel Quarterly Outlook reports which was altered or "shocked" to assume conditions of a worsening European debt crisis.
Marriott/gaytravel expands its global welcome.
JW Marriott Phuket on Patong Beach
. The west coast of Phuket features the Royal Paradise Complex located in Patong Beach and has many LGBT-friendly bars, nightclubs and entertainment.] First developed in 2010, the “redesigned website is our way to express Marriott’s loyalty and commitment to all our guests,” said Randy Griffin, Vice President, Global Sales, Marriott International, Inc. “In 2012, our aspiration will be to ensure marriott.com/gaytravel is the trusted and welcoming source for leisure, business and group travel for the LGBT community as we do for all our customers.” Like marriott.com, the renewed site will introduce new hotel openings and special events, destinations and ongoing deals and promotions. The site also offers unique hospitality, wedding and honeymoon packages showcasing popular destinations and resorts worldwide. Marriott’s premiere hotels from coast-to- coast frequently host galas and events on behalf of LGBT community leaders including the Human Rights Campaign (HRC), GLAAD, PFLAG, the National Center for Lesbian Rights, and Out & Equal Workplace Advocates, among others. [Photo: Marriott hotels and resorts take pride in joining you to celebrate unforgettable events in the world's most exciting destinations such as The annual White Party at the Renaissance Palm Springs is known as the largest gay dance music festival in North America.] Marriott remains among the corporations earning high marks by the HRC Corporate Equality Index year after year, and for several years, it also has been a member of the National Gay & Lesbian Chamber of Commerce, committed to diverse suppliers including LGBT businesses.
. The west coast of Phuket features the Royal Paradise Complex located in Patong Beach and has many LGBT-friendly bars, nightclubs and entertainment.] First developed in 2010, the “redesigned website is our way to express Marriott’s loyalty and commitment to all our guests,” said Randy Griffin, Vice President, Global Sales, Marriott International, Inc. “In 2012, our aspiration will be to ensure marriott.com/gaytravel is the trusted and welcoming source for leisure, business and group travel for the LGBT community as we do for all our customers.” Like marriott.com, the renewed site will introduce new hotel openings and special events, destinations and ongoing deals and promotions. The site also offers unique hospitality, wedding and honeymoon packages showcasing popular destinations and resorts worldwide. Marriott’s premiere hotels from coast-to- coast frequently host galas and events on behalf of LGBT community leaders including the Human Rights Campaign (HRC), GLAAD, PFLAG, the National Center for Lesbian Rights, and Out & Equal Workplace Advocates, among others. [Photo: Marriott hotels and resorts take pride in joining you to celebrate unforgettable events in the world's most exciting destinations such as The annual White Party at the Renaissance Palm Springs is known as the largest gay dance music festival in North America.] Marriott remains among the corporations earning high marks by the HRC Corporate Equality Index year after year, and for several years, it also has been a member of the National Gay & Lesbian Chamber of Commerce, committed to diverse suppliers including LGBT businesses.
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