How Profitable is Business Travel?
In 2015 alone, Americans took more than 450 million business trips. While the typical reason for business travel is for meetings that bring people together, some wonder if it’s really worth it. According to an infographic (pictured below) compiled by Aries Residential Suites, business travel is not only necessary, but vital to company’s success.
On average, for every dollar spent on business travel, companies acquire 12.50 dollars in incremental revenue.
Executives estimated that 28 percent of current business would be lost without in-person meetings. In addition, roughly 40 percent of their prospects became customers via in-person meetings as opposed to 16 percent without face-to-face contact. Business travel currently supports 3.7 million jobs and generates 35 billion dollars in taxes in the U.S. In 2016, it’s expected there will be a 3 percent increase in business travel and roughly 1.4 million business trips per day.