As we mark the 200th anniversary of the birth of Charles Darwin, “Survival of the Fittest,” thephrase he popularized, is more timely than ever in these tough economic times.
The travel business is just one of many industries hurt by the recession. A recent survey from the Association of Corporate Travel Executives found 71% of its member companies plan to spend less on travel this year than in 2008. Most are ready to cut budgets by 10% to 20%, compared to much rosier forecasts just last September. Hotels, restaurants, and convention centers are feeling the pain, along with airlines and ground transportation companies.
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