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September 2022, Virtual
September 29 2022, Virtual
Increased demand for business travel by US companies will push up hotel rates and air fares by 3-5.5% this year, the Global Business Travel Association estimates.
The US-based association, which has 5,000 members, found that 60% of the 253 North American buyers it surveyed in March felt the economy had improved year on year and that 57% felt it would continue to improve.
The poll concluded that international travel was gaining momentum. Buyers projected international spend would comprise 34% of total travel spend in 2011, up from 31% in 2010 and 28% in 2009.
Buyers said increased spend was due to more trips and more staff travelling, with 59% saying that more staff were being sent away. However, a greater number, 71%, said the increased spend was due to higher airline fees and 69% said it was due to hikes in air fares and hotel rates.Buyers said they expected every area of business travel costs to rise in 2011 except domestic car rental.
Craig Banikowski, GBTA president and chief executive said: "We're seeing buyers bracing for higher fares by beefing up their budgets while also looking to get more travellers on the road.”