TravelBizNews Online —
Washington : GBTA projects a loss of over $1.3 billion in overall travel-related expenditures in the United States in 2017 including hotels, food, rental cars and shopping expenses that inbound travelers would have spent. That includes $250 million lost in spending from inbound business travelers from Europe and the Middle East.
The even greater concern is that the longer-term impact on business travel will become even larger as companies begin to host meetings and events in other destinations. In an earlier survey of GBTA’s European members, 45 percent indicated their company will be less willing to plan future meetings and events in the United States due to executive orders on travel.
U.S. GDP will take a nearly $300 million hit. More than 4,200 jobs could be lost along with $175 million in wages and $70 million in tax collections. Europe is forecast to lose over $250 million in air fare spending and the Middle East will lose over $80 million in air fare. This devastating economic impact could take years to recover from.
The Global Business Travel Association (GBTA) is the world’s premier business travel and meetings trade organization headquartered in the Washington, D.C. area with operations on six continents. GBTA’s 9,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually.