NEW YORK — A bare majority – 54% – of the corporate travel managers recently surveyed by Citigroup Smith Barney expect to see their travel spending increase in 2004.
The Smith Barney survey comes on the heels of a similar one conducted by the Runzheimer International consulting firm, which found that 33% of the 280 managers surveyed expect their spending to rise in 2004 (June issue, Page 19).
The slow economy and the threat of terrorism have reduced travel to “bare bones” levels, in the words of one respondent.
Of the several hundred managers polled in April, which according to Smith Barney represent “a significant cross section of Fortune 1000 companies,” two-thirds said the economy has lead their companies to place travel restrictions on employees.
In addition, nearly 60% said their companies are operating at “only essential” business travel levels.
Nearly two-thirds of the respondents said their firms have increased their use of teleconferencing as a substitute for travel, and nearly 80% said they consider this to be permanent.