Business travel spending is forecast to rise 6.6% annually through 2023.
Companies spent more than US$24 billion (90 billion Brazilian reals) on business travel to, from and within Brazil in 2018. Domestic trips account for 44% of all spending; outbound international trips account for 37%. Less than a fifth is spent by business travelers visiting Brazil from abroad. Between 2013 and 2018, business travel spending increased 8% per year, on average. But that five-year period was marked by ups and downs in business travel spending—fluctuations caused by Brazil’s uneven economic performance and sharp shifts in currency valuations. Oxford Economics expects business travel spending to expand at a slower 6.6% a year through 2023, with Brazilian travelers continuing to drive growth.
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