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Cape Town - Last year was an interesting year for the meetings and events industry, with a total of $1.2trn being spent on global business travel.
While 2013 was not without its problems due to the lingering global financial meltdown, which started in 2008, some analysts are becoming more bullish about the industry as Europe seems to be clawing its way back from near disaster.
This is according to Nicolette Kruger, country manager at NFS Technology, the developer and supplier of a range of software for the hospitality and leisure industry.
Kruger said the $1.2trn spent on global business travel was 5.4% up on 2012, with indications that 2014 will also show an increase – and possibly more than 5.4%.
According to Joseph Bates, vice president of research at the Global Business Travel Association, 2013 was an eventful year for the meetings and events industry.
Commenting in International Meetings Review, he said the last two years had been challenging due to the lingering problems in Europe.
The complicated fiscal problems have had a “domino effect”, slowing growth in the Asia Pacific region due to that area’s dependence in terms of import/export business.
“But what we see going forward is that Europe should emerge from their recession - we think it is already – and begin to regain its footing.”
He said this could lead to an increase in business travel of 8.2% in 2014.
“Then, for the next few years after that, we are looking at growth of 7% to 8%.”
While 2013 was not without its problems due to the lingering global financial meltdown, which started in 2008, some analysts are becoming more bullish about the industry as Europe seems to be clawing its way back from near disaster.
This is according to Nicolette Kruger, country manager at NFS Technology, the developer and supplier of a range of software for the hospitality and leisure industry.
Kruger said the $1.2trn spent on global business travel was 5.4% up on 2012, with indications that 2014 will also show an increase – and possibly more than 5.4%.
According to Joseph Bates, vice president of research at the Global Business Travel Association, 2013 was an eventful year for the meetings and events industry.
Commenting in International Meetings Review, he said the last two years had been challenging due to the lingering problems in Europe.
The complicated fiscal problems have had a “domino effect”, slowing growth in the Asia Pacific region due to that area’s dependence in terms of import/export business.
“But what we see going forward is that Europe should emerge from their recession - we think it is already – and begin to regain its footing.”
He said this could lead to an increase in business travel of 8.2% in 2014.
“Then, for the next few years after that, we are looking at growth of 7% to 8%.”
