MIAMI – The Association of Corporate Travel Executives found 33% of corporations will be spending less on business travel in 2009, 31% will spend the same amount, and 36% will spend more. The No. 1 reason for the cutbacks in travel spending, according to 47% of the respondents, is a combination of economic uncertainty and rising fuel costs.
Twenty-six percent cited other reasons, such as internal changes and a restructuring of business focus.
“Equally significant is the manner in which corporate travel managers are directing the cutbacks,” ACTE Executive Director Susan Gurley said.
Thirty-one percent are cutting back on travel across the board. Thirty-nine percent are cutting back on internal meetings, while 16% are reducing international travel. Nine percent have eliminated training trips as part of their agenda.
An additional 14% cited “other means.”
Source: South Florida Business Journal