Twice as many U.S. companies as previously expected are cutting their travel spending this year in response to economic weakness and uncertainty.
The Association of Corporate Travel Executives says 71% of its member companies now plan to spend less on travel this year than in 2008. That’s a huge and unprecedented shift in corporate travel managers’ plans from just five months ago, says Susan Gurley, the association’s executive director.
In September, when the association — whose members typically manage travel budgets of $50 million to $100 million a year at midsize or large U.S. corporations and institutions — asked about travel spending plans, only 33% of respondents said they expected to cut back. In fact, 36% said they would be spending more on travel in 2009. More…
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