Understanding the impact of business travel begins with big numbers. In 2012, domestic business travel spending by U.S. companies supported 3.7 million jobs, drove an estimated $524 billion in business sales — more than half of which was direct revenue — and generated $34.5 billion in taxes and $59 billion in personal income.
That aggregate data becomes even more meaningful when zoomed in on dollar for dollar, as Oxford Economics has done in a new study looking at the impact of business travel on company and industry performance.
Researchers found that every dollar invested in business travel yielded $9.50 in revenue. Adjusting for higher operational costs and real wage growth, that $9.50 translates into $2.90 profit per dollar spent — nearly triple return on investment.