19 December 2007

Study predicts future business travel costs will be up 6-8%

Overall travel costs will increase anywhere from 6 to 8% next year, says the National Business Travel Association's preliminary 2008 "US Business Travel Overview & Cost Forecast report."

Other key findings:
Business travel will continue growing in 2008, though the rate of growth will level off somewhat.
Published airfares will increase 6-10% over 2007.
Published hotel rates will increase 5-7%.
Published car rental spend will increase 5-7%.
Overall travel costs will increase 6-8&.
Fewer travel managers than one year ago are projecting an increase of more than 10% in travel spending.
More travel managers are projecting travel spending to remain flat.
73 percent of respondents expect travel spend to increase 5-10%.
The percentage of travel buyers reducing non-essential travel in 2008 will remain level (just under 8%), while the percentage restricting business class air bookings will increase from 7 to 16%.

The report is based primarily on data from a survey of 215 NBTA member travel buyers.