Worldwide meeting market rebounding
The worldwide meeting market will have the largest forecasted percent increase in 2011, according to a study by Carlson Wagonlit Travel (CWT).
The report also found North American airfares and hotel rates in 2011 generally will increase as rental and chauffeured car costs decrease.
"The Middle East (meeting market) has experienced quick recovery and is expected to see activity return to pre-2009 levels by the end of 2010," according to the report. "The Asia-Pacific region anticipates a full recovery by 2010-2011, Europe and North America by 2012-2014."
The meeting market increased this year and “momentum is expected to carry through 2011 and beyond, said Reuters.
The travel management company’s forecast also predicted per attendee meeting costs next year could jump by double-digit percentages.
“The forecast was published against a backdrop of strengthening corporate travel and meetings demand,” Reuters said.
CWT said it handled 13 percent more transactions globally in the first half of this year versus the first half of 2009.
Transactions increased by 18 percent in North America; 8 percent in Europe, Middle East and Africa; 44 percent in Asia Pacific; and 48 percent in Latin America. Nevertheless, "business travel has not yet returned to pre-recessionary levels, and it remains to be seen whether it ever will," according to CWT North America president Jack O’Neill.
"As a result, it is tough for travel buyers who must begin budgeting, often without full visibility across their own organization or a crystal ball for corporate travel influences,” Reuters added.
By David Wilkening
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