Why 2011 could be a banner year for business travel
Posted on 12. Feb, 2011 by Kat Schneider Fotheringham in Blog, Business Travel, Uncategorized, corporate housing, executive accommodations, international business travel
It’s official—business travel is making a big, solid comeback.
Reports out this week confirm that U.S. companies are forecast to spend 5 percent more on travel in 2011 than they did in 2010 — a sure sign that the economy is rebounding, and giving an additional lift to airlines, hotels and rental car companies. That’s twice the growth rate posted in 2010.
Last year’s increase in business travel had already helped boost the economy— companies spent an estimated $228 billion. The growth seen in 2010 also helped U.S. airlines post their first profit as an industry in three years. Profits are also adding up at hotel chains like Marriott and Hyatt, and at rental-car companies like Avis and Hertz.
An even more relevant signal is the return of corporate retreats. But now they’re back in a more modest form, in keeping with the level of growth experienced in the current economy.
Next big comeback–corporate housing!!
