Vehicle hire and travel insurance specialist Questor Insurance highlights figures which reveal that business travel spending in Western Europe is set to soar in 2014.
According to figures from the Global Business Travel Association (GBTA) spending on business travel within the UK, Germany, France, Italy and Spain is forecasted to climb by 3.4%* next year, an increase which may be set to come about as a result of improvements to the global economy.
Recent estimates from the Organisation for Economic Cooperation and Development (OECD) have revealed that German economy (0.7%) and French economy (0.3%) will grow this year**.
The GBTA BTI Outlook revealed that the predicted growth in business travel spending across these five markets, if realised, will be the highest seen since the recession.
And while business travel spending across Western Europe has been stagnant in 2013, the UK has bucked this trend with a forecasted increase of 1.6% this year to £25.7bn.
The research also revealed that international outbound travel will continue to fare better than domestic travel in the UK this year.
In contrast, Spain, Italy and France have all recorded falls in their business travel markets this year. This decline was the most marked in Spain, one of the countries that has been hit hard by the Eurozone crisis, with business travel markets contracting by 6.7% this year.
Commenting, Questor Insurance CEO Andrew Lawrence, said: “As the world economy improves, more ties may be forged between countries around the globe.
“Increased international trade will naturally demand more business travel. That is why it is so important for workers across the world to secure business travel insurance. Those who are hiring a car abroad as part of their work trip should also consider taking out car hire excess insurance in advance, to avoid hefty excess charges that could eat into their business budget.”
Buy your business travel insurance and car hire excess insurance from Questor Insurance today.