U.S. companies are expected to spend 5 percent more on travel in 2011 thanwhat they did in 2010. That's double the rate from 2010, whichfollowed 2 years of decline.
|Last year companies spent an estimated $228 billion, whichhelped U.S. airlines post their first collective profit in 3 years.Correspondingly, profits at hotel chains and rental car companiesalso increased in 2010 and are expected to rise in 2011. Signs thatthe industry is picking up:
|• Hotel occupancy climbed nearly 8 percent last year,but average nightly rates have remained flat at $98.
|• Rental-car demand grew by 2 percent in the firstthree quarters of 2010.
|• Corporate retreats are rebounding, although groupsare staying fewer nights and agendas are more business focused.
|Business travel is expected to return to its pre-recessionlevels around June 2013.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
