Fourth-quarter 2011 trends indicate that the growth in business travel is lagging behind growth in leisure travel, for all segments except upscale, according to ITG Investment research.

Leisure analyst Matthew Jacob warned in a note, “If a real deceleration in business travel occurs, it could augur weaker overall trends for the travel and lodging industries going forward.”

The New York-based research group reported in September that third-quarter trends showed that while business travel had been been outperforming leisure for two years, that gap was beginning to narrow.

Follow Johanna Jainchill on Twitter @jjainchilltw.

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