The Global Business Travel Association recently release its 2015 Global Travel Price Outlook. The organization predicted that the U.S. will see a 3.9 percent increase in business travel spending over the next five years.
The GBTA also reported that it expects business travel spending in China to go up 12.8 percent over the same timeframe. Japan's business travel spending forecast for the next five years is a 3.1 percent increase.
Other large markets across the globe included Germany, the U.K., France, Brazil, South Korea, Italy and India. The projected annual growth rate in Germany was 6.7 percent, 6.8 percent in the U.K., 6.5 percent in France, 5.4 percent in Brazil, 6.2 percent in South Korea, 5.5 percent in Italy and 11.5 percent in India.
According to the 2015 Global Travel Price Outlook, demand is continuing to grow from the emerging markets in Brazil, China and India due to improving economies.
"The study reveals that travel managers expect price increases next year across the board on travel categories including airfares, hotel room rates and rental car rates," Joseph Bates, GBTA Foundation vice president of research, said in a statement. "Risks to the forecast including the escalating Ukrainian crisis; declining European inflation; burgeoning debt in China and oil price shocks could potentially have a negative influence on travel demand and pricing however, so travel managers are advised to consider contingencies for these risks in their planning."
Business travel prices are on the rise across the globe and the results of the price outlook will help in effective budgeting for the future, the report stated.
The GBTA said airfares may rise by as much as 2.2 percent through 2015 with the highest prices increases expected in Latin America where prices could grow by 3.5 percent.
Global hotel prices are expected to rise by as much as 2.6 percent through the next year, according to the GBTA.