Tourism Industry News
Corporate Travel to decline 15% in 2009
The travel industry is reeling from the economic recession, but few segments are as challenged as corporate travel. Amid double-digit declines in traveler demand and revenue, the corporate travel landscape is undergoing a major realignment.
Corporations are pulling back across the board and all players-from airlines to hotels to travel management companies-are under pressure. Travel industry research authority, PhoCusWright Inc., has released a new report that measures the current composition of the corporate travel market and shines a spotlight on fundamental shifts that will change the business travel landscape over the next three years.
Recessionary trends are driving a steep contraction in business travel in 2009, resulting in a 15% decline in the U.S. corporate travel market to US$85 billion according to PhoCusWright’s U.S. Corporate Travel Distribution Fourth Edition. In contrast, the total U.S. travel market is projected to decline only 11% in 2009, dipping below 2006 levels.
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