A new study by National Business Travel Association (NBTA), has found that the economy and business travel are in recovery, and that the “buyer’s market” enjoyed by travel planners during the recession may be drawing to a close. The NBTA survey 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,” says Craig Banikowski, NBTA President & 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, found that the average corporate travel budget was up 5.5 percent in 2010 compared to last year and will expand by another 4.45 percent in 2011 to $98 million.
“As the economy continues to improve and both domestic and international costs rise, we will see airlines and hotels wield more negotiation power,” Banikowski says. "Now is the time for buyers to work closely with suppliers to strike a fair balance in services, while also keeping in mind that the ‘buyers market’ we’ve been able to take advantage of over the past few years may slowly be turning around.”
