According to a new report from PhoCusWright, the travel industry research company, 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 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. In contrast, the total U.S. travel market is projected to decline only 11% in 2009, dipping below 2006 levels. While corporate travel has historically comprised approximately 40% of the total travel market, this share will decrease as the fall-off in corporate travel demand far outpaces the decline in leisure/unmanaged business travel. Corporate travel share of the total travel market will drop markedly from 39% in 2007 to 35% in 2010.
Already signed up? Already signed up? Already signed up? Already registered? Login here!