According to a National Business Travel Association (NBTA) survey of corporate travel buyers, business travel budgets were up this year and will increase further in 2011.
In its 2010 Industry Pulse: Business Travel Buyers’ Sentiment, the NBTA Foundation, NBTA’s education and research arm, found that 72 percent of corporate travel managers surveyed feel the business travel industry is better today compared to one year ago, and 63 percent believe it will continue to improve over the next 12 months.
“Business travel is coming back; there is no doubt about it,” said Craig Banikowski, NBTA president and CEO. “Given the difficulties the industry faced during this last recession, corporate travel buyers welcome the improved conditions, and companies are already getting their teams back on the road to help build business.”
The annual report, which surveyed 170 North American corporate travel buyers last month, found that the average corporate travel budget was up 5.5 percent in 2010 compared to last year and will expand by another 4.4 percent in 2011 to $98 million.
While buyers reported more travelers (38 percent) are taking more trips (51 percent) this year, higher rates and fares and an increase in airline fees are the most often cited contributors to increased spending.
With the exception of domestic car rentals, travel buyers expect domestic prices to rise between 3 and 4.5 percent in 2011, according to the survey findings.
