News & Events
Super Bowl 50 A Boon for the Host City, Business Travel
February 1st, 2016 |
This weekend’s big game is set to generate roughly $350 million in value added to the Bay area, including more than $68 million in direct business travel spending associated with corporate sponsorships, media, NFL operations and ancillary events. For business travelers, the Super Bowl has become the preeminent business development event of the season. The power of a major event such as the Super Bowl is enormous because of what it attracts – business leaders, corporate sponsors and diehard fans. The event also helps to showcase the Bay Area to business leaders as a potential place to host conferences, conventions and other major events in the future. Learn more.
Travel Price Increases to Remain Moderate in 2016 but Expectations Differ Significantly from One Market to the Next
July 30th, 2015 |
The annual GBTA/CWT Travel Price Forecast projects:
- Global hotel prices will rise +2.5% in 2016
- Global airfares are set to increase only +0.5% in 2016
- Global ground transportation costs are forecasted to rise by only 0.1% in 2016
The forecast, conducted by Rockport Analytics projects air, hotel, ground and meetings and events prices by country and region across key market segments. While price increases will be relatively tame across all three categories on a global basis, increases will differ significantly from one country to the next based on individual market dynamics. Markets expected to experience stronger price growth than most in 2016 include India, China, Colombia, Mexico, Singapore and Australia. Learn more.
Annual Global Business Travel Spending Hit $1.2 Trillion in 2014 and Will Grow to $1.25 Trillion This Year
July 30th, 2015 |
A Rockport study of the global business travel market reveals that a total of $1.2 Trillion USD was spent on business travel around the globe in 2014. This annual study, conducted on behalf of the GBTA Foundation and sponsored by Visa, forecasts business travel spending by country and across industries over the next five years. The analysis projects average annual spending growth of 6.3% around the globe over the forecast period, despite slowing growth in key emerging markets such as China, Brazil and Russia. Learn more.
Preliminary Estimates Show that Super Bowl LII Will Bring an Estimated $407 Million in New Spending to the Minneapolis-St. Paul Economy
June 5th, 2015 |
A recent study conducted by Rockport Analytics expects Super Bowl LII, which will take place in 2018 at US Bank Stadium in Minneapolis will bring $407 million in new spending in the Minneapolis-St. Paul metro area. This will come from both the local travel spending of 125,000 expected visitors and an estimated $122 million of local game/event operations expenditures. About $68 million in regular tourism activity will be displaced by the event, however, resulting in net incremental spending of $338 million. Given the direct, upstream, and downstream impacts of that spending, MSP will realize a net new contribution to the regional economy of $343 million. During which, over 5,000 jobs will be supported at an array of local businesses paying wages of $242 million.
Business Travel Contributed $27.3 Billion in Economic Impact to the Canadian Economy in 2013
April 21st, 2015 |
A recent GBTA Foundation study conducted by Rockport Analytics and sponsored by Intercontinental Hotels Group (IHG) highlights the key economic contribution business travel activity made to the Canadian economy in 2013. In total, $23.5 billion ($ CAD) was spent on business travel over the period including $15.8 on domestic travel, $3.9 on international travel and $3.8 on the operation of meetings & events. This activity led to a total of $27.3 billion CAD in value added, supported 434,000 jobs in an array of industry sectors and generated a total of $8.6 billion in federal, provincial and local tax revenue. Learn more.
US Business Travel Industry Poised to Build on 2014 Gains
January 20th, 2015 |
Rockport Analytics quarterly analysis of the U.S. business travel market – GBTA BTI™ Outlook – United States 2014 Q4, commissioned by the GBTA Foundation and sponsored by Visa, forecasts spending on U.S.-generated business travel will rise 6.2% to $310 billion in 2015. Growth will primarily be driven by domestic business travel as the US economic recovery continues to gain steam. Spending on international outbound business travel from the US is also expected to see gains in 2015, although downside risks remain in key global economies in Europe, Asia and Latin America. Business travelers will benefit from slowing price growth as plummeting oil prices will help to curb travel price inflation to 2.6% through 2015. Learn more.
Global Business Travel Spending to expand 6.9% in 2014 to $1.18 Trillion USD
July 28th, 2014 |
Global business travel spending is expected to reach a record $1.18 trillion in 2014, according to a study released by the Global Business Travel Association. The forecast, conducted by Rockport Analytics, projects 6.9% annual growth this year, and global spending is expected to grow by a higher rate in 2015. Growth was 4.5% in 2013 and 3.2% in 2012. China’s business-travel market has grown quickly during the past decade, and expected to surpass the U.S. as the largest market by 2016, the report said, even though business-travel spending growth is expected to slow in China over the next five years. The Asia Pacific region, which includes China, comprises 38% of global business travel, and totaled $392B in 2013. Learn more.
Moderate Increases in Travel Prices Expected for 2015
June 12th, 2014 |
Moderate increases expected air, hotel and ground transportation prices next year, according to the results of a price forecast conducted by Rockport Analytics. The study, commissioned by Carlson Wagonlit Travel (CWT) and the Global Business Travel Association (GBTA), analyzed historic price transactions and their correlation with key economic drivers along with key supply-side metrics. With rising demand, favorable cost structures and slowly expanding capacity, airfares are expected to rise gradually through 2015, by as much as 2.2 percent, although low-cost carriers are limiting price increases in some regions. Hotel suppliers will be in a better negotiating position than they have been for some time in 2015, due in part to stronger demand and investor interest, and favorable capital costs. This improved outlook could lead to greater pressure on negotiated rates for travel managers and buyers, and globally, prices are expected to rise by as much as 2.6 percent. In contrast to the air and hotel sectors, the ground transportation industry has an abundance of supply. With industry consolidation and strong competition, global prices are expected to remain flat throughout 2015. Learn More.
Trade Show Has Significant Impact on International Visitation to the U.S.
February 5th, 2014 |
A recent study conducted by Rockport Analytics finds that the 2013 IPW trade show and international marketplace, which was hosted in Las Vegas, NV, will lead to 8.8 million international visitors to the U.S. over the next three years. These visitors will spend an estimated $28 billion in spending on goods and services in the U.S. market leading to a direct economic impact of $16 billion. IPW is the U.S. Travel Association’s annual event and the travel industry’s premier international marketplace, bringing travel buyers and suppliers together for three days of intensive pre-scheduled business appointments. These appointments lead to direct booking of international visitors into destinations across the U.S. Additionally, the show creates an enormous impact on the future visitation of the event’s host city. As a result of hosting IPW in 2013, Las Vegas will receive an estimated lift in international visitation of over 1 million passengers over the next three years. These visitors will spend an estimated $1.6 on goods and services, and a direct economic impact to the Las Vegas economy of $891 million. Learn more.
Tourism Brings $7.7 Billion in Economic Impact to the State of Indiana in 2012
December 20th, 2013 |
A recent report published by the Indiana Office of Tourism Development (IOTD) highlights the significant impact that tourism had on the Hoosier State in 2012. Research conducted by Rockport Analytics estimates that visitors spent $10.1 billion on goods and services in the Indiana economy in 2012; $7.7 billion of which was retained in the bottom line of Gross State Profit (GSP). These figures represent roughly a 5% increase in tourism activity over 2011 and can partially be attributed to the Indianapolis hosting of Super Bowl XLVI. In 2012, Indiana Tourism, the 7th largest industry in the state, supported 186,000 jobs, paid $4.8 billion in wages and contributed $1.2 billion in local and state tax revenue. Learn more.