Biz Travel Boom Ahead

February 1 2011 by Chris McGinnis

iStock_000013025819XSmall.jpgThe rosy outlook for business travel revealed late last year in our survey of Best Western's Diamond 100 Advisory Board is coming home to roost. We were right!

Growth in business travel spending is expected to increase five percent in 2011, in sharp contrast to the 14 percent drop in 2009, according to the National Business Travel Association's (NBTA) latest Business Travel Quarterly Outlook.

Citing a higher than expected GDP, stronger exports and corporate profits, NBTA executive director and COO Mike McCormick said, "These trends are translating into greater business travel spending as companies invest in travel to drive revenues and compete aggressively in a recovering economic environment."

Growth in international travel jumped 17 percent last year, after a devastating 32 percent decline in 2009. For 2011, international travel will increase, but at a slower rate (three percent) due to a weakening dollar. I think international business travel growth could take a hit this year due to the significantly higher transatlantic fares I'm seeing on the horizon due to demand and higher fuel costs.

Remember the "AIG effect" when many companies drastically reduced or eliminated travel to meetings and conventions? (Best Western produced a super clever online video about this that went viral--click here to see it.) If you're planning to attend more meetings and conventions this year, you are part of the five percent increase in group travel which NBTA predicts for 2011.

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