NEW YORK (AP) — Fewer business travelers are likely to hit the road this year as the travel industry is challenged by corporate America's persistent economic fears.
Business travelers are expected to take 431.8 million trips in 2013, according to the Global Business Travel Association, an industry trade group. That's down from the 435 million trips the group forecast in July.
The latest estimate would mean a 1.1 percent decline from the 436.5 million trips taken in 2012.
Fewer people traveling, however, doesn't mean lower costs. Airfare, hotel rooms, meals and car rentals have helped to push up the overall price of business travel.
In 2012, business travelers spent $254.9 billion, up 1.6 percent from the prior year. This year, the travel association expects another 4.6 percent increase to $266.7 billion.