Tuesday, October 23, 2007

2008 U.S. Business Travel Overview & Cost Forecast Report

Interesting report from the National Business Travel Association of the US. The report is based primarily on data from a survey of 215 NBTA member travel buyers.

Key findings of the report are as follows:

  • Business travel will continue growing in 2008, though the rate of growth will level off somewhat.
  • Published airfares will increase 6-10 percent over 2007.
  • Published hotel rates will increase 5-7 percent.
  • Published car rental spend will increase 5-7 percent.
  • Overall travel costs will increase 6-8 percent.
  • Fewer travel managers than one year ago are projecting an increase of more than 10 percent in travel spend.
  • More travel managers are projecting travel spend to remain flat.
  • 73 percent of respondents expect travel spend to increase 5-10 percent.
  • The percentage of travel buyers reducing non-essential travel in 2008 will remain level (just under 8 percent), while the percentage restricting business class air bookings will increase from 7 percent to 16 percent.
  • The top three international destinations with highest potential for growth in corporate travel spend in 2008 are China, the United Kingdom and India.
Find more details soon on NBTA.

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