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US business travel spending growth slows in 2015

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"According to the US BTI forecast, companies are looking for ways increase business travel while still keeping costs in check," said David Henstock, VP of Global Commercial Solutions, Visa Inc. "As companies look for efficiencies across their organization, electronic payments play a key role in helping both buyers and suppliers in the travel industry manage expenses and drive savings to their bottom line."

The study also finds that the collapse in global oil prices is finally beginning to impact consumers, particularly when it comes to air travel spending. In 2015, the average airfare for a domestic roundtrip is $379, compared to$392 in 2014.

However, the benefit and savings from these lower fares is likely to be negated by increasing ancillary fees. During this same time period there has been an almost steady year-over-year increase in airline revenues from these extra fees.

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