This time, a big travel rebound
There are a slew of stories about travel rebounds but a new one is perhaps the most significant yet: business travel budgets are up this year and will increase even more in 2011, according to a National Business Travel Association (NBTA) survey of corporate travel buyers.
In its 2010 Industry Pulse: Business Travel Buyers’ Sentiment, the NBTA Foundation, NBTA’s education and research arm, found that 72 percent of corporate travel managers surveyed feel the business travel industry is better today compared to one year ago. Another 63 percent believe it will continue to improve over the next 12 months.
“Business travel is coming back; there is no doubt about it,” said Craig Banikowski, NBTA president and CEO. “Given the difficulties the industry faced during this last recession, corporate travel buyers welcome the improved conditions, and companies are already getting their teams back on the road to help build business.”
The annual report, which surveyed 170 North American corporate travel buyers, found that the average corporate travel budget was up 5.5 percent in 2010 compared to last year and will expand by another 4.4 percent in 2011.
While buyers reported more travelers (38 percent) are taking more trips (51 percent) this year, higher rates and fares and an increase in airline fees are the most often cited contributors to increased spending.
With the exception of domestic car rentals, travel buyers expect domestic prices to rise between 3 and 4.5 percent in 2011, according to the survey findings.
By David Wilkening
David
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