The majority of business travel budgets are to grow or remain stable over the course of 2014, buyingbusinesstravel.com reports.
New findings by American Express have discovered that, despite some expecting increased business confidence to bring with it greater spend on travel, many companies are expecting to keep their outgoings roughly the same as in 2013. In fact, 72 per cent of travel buyers and executives are thought to be looking at the same budget for the next 12 months as they enjoyed during the last year.
In addition, 18 per cent said that travel expenditure can rise during 2014. This means that just ten per cent of companies are bracing themselves for a decline in spend.
The survey involved quizzing 600 senior businessmen and women from 11 European countries. Looking at the averages, American Express forecast that the typical company will see travel costs rise by 0.8 per cent in 2014.
In reality, however, the result could be even higher as the year progresses, as American Express found that businesses across Europe could be on course for a bumper year, as the financial instability of recent memory is all but passed.
Commenting on the results, Amex vice president Champa Magesh told incentivetravel.co.uk: “In an environment where European business travel budgets are remaining stable, it continues to be important for companies to focus on maximising the budgets that they do have available.”