Business travel remains on a steady pace
Rising costs are not slowing business travel in the US, according to the Global Business Travel Association (GBTA).
The industry body revealed that business travel spend remained steady during the second quarter of 2011, reaching US$62.2 billion.
This represents an increase of 6.3 percent compared to the second quarter of this year — despite a rise in the prices of air fares and hotel rooms.
The continued business travel spend is positive for the US economy, said Michael McCormick, GBTA’s executive director and COO.
“By the end of 2010 it looked like the light at the end of the recession tunnel as the economy overall and business travel specifically were gathering positive momentum,” he said.
He added:
“Now is the time when companies will absolutely call upon their strategic travel programs to help offset rising costs and keep travellers doing business.”
Business travel prices in the US are expected to rise by up to 5 percent in 2011, predicted the GBTA.
With travel prices on the rise, due to higher oil prices and increased demand, spend in the business travel sector is expected to return to pre-recession levels by the first quarter of 2012, or sooner than previously thought.
“Corporate and management confidence remains high, which is why we’re still seeing companies put employees on the road,” said McCormick.
By David Wilkening
David
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