US election uncertainty has suppressed business travel demand
Saturday, 08 Nov, 2016
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The end of America’s most divisive presidential race is almost in sight, and for the global business travel industry, it is not a moment too soon.
Business travel has been hit due to the uncertainty in a race for the White House that has been anything but predictable.
"The ongoing global uncertainty and added heartburn from a presidential election unlike any we have ever seen are causing many businesses to stay in a holding pattern, taking an extremely cautious wait-and-see approach bordering on paranoia," said Michael McCormick, executive director and chief operating officer of the Global Business Travel Association.
Although Donald Trump has been most vocal with his anti-immigration stance, both candidates have criticized the Trans-Pacific Partnership trade agreement.
A number of travel brands have seen reduced bookings while companies hold off on major business travel spending with the result still in the balance.
Hilton Worldwide says there has been a certain trepidation in the business community but expects it to quickly rebound.
"I think this cycle of election… has been an unusual cycle, and as a consequence, I think it has slowed down the economy probably more dramatically than I’ve seen certainly in my adult life, just in the sense of creating such an aura of uncertainty that people are sort of waiting to make decisions until it’s over," Hilton CEO Christopher Nassetta recently said.
Travelport too noted a sluggish pre-election period with flat performance during October but expects an almost immediate uptick.
"US elections tend to be a suppressant on demand, for whatever reason. It does tend to bounce back after the election, said CEO Gordon Wilson.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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