TIA Forecast Projects Business Travel Turnaround In 2002. Saturday, 10th August 2002 Source : Travel Industry Association of America's
The Travel Industry Association of America's (TIA) official Travel Forecast projects that the decline in business travel will turn around this year.
After three straight years of declines, TIA forecasts that business/convention travel volume will increase slightly (1.4%) in 2002. However, business travel is not forecast to climb back to 2000 levels until some time in 2003.
Despite the terrorist attacks and economic downturn of last year, leisure travel increased (3.1%) in 2001 and is forecasted to increase again (1.3%) this year. Overall, total domestic travel volume rose by 2% in 2001. This gain was driven by a strong leisure market the first half of 2001, which offset the drop in business travel of 3% over 2000.
While overall U.S. domestic travel volume rose in 2001, domestic travel expenditures in 2001 were more negatively affected, declining by 5.5% from 2000. Domestic travel spending by U.S. residents is expected to continue to be depressed in 2002 before rising 4.1% in 2003.
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