2011 is upon us, and along with the new year, at long last we’re seeing a notable recovery in the business travel industry. Specifically for the hospitality industry, research from the NBTA Foundation shows there is ample reason for optimism.
Over the next 18 to 24 months we project both individual travel spend and group travel spend to increase 7 percent and 5 percent, respectively. Travel buyers also indicated hotel rates are expected to rise to meet this demand, with our research indicating both domestic and international average nightly rates expected to increase 3 percent next year.
As demand for business travel increases, especially for group travel, the meetings industry will certainly liven up again, and as volumes recover, travel managers and meeting planners must continue to be smart and creative to manage costs and make the most of every gathering.
—Craig Banikowski, CCTE, CPM, CMM
President & CEO, NBTA
