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.