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July 5, 2009

ITM study shows business travel will continue to decline

The Institute of Travel & Meetings (ITM) UK & Ireland has released the results of its latest research focused on members who buy and manage travel and events for their companies, representing expenditure in excess of £34 billion worldwide.

The survey, focusing on the impact of short and long-term drivers on travel and meetings programmes, looked at the likelihood of travel and meetings expenditure level returns and the activities of buyers to reduce costs.

The study found that:

– 77% of buyers managing business travel and 81% managing meetings and events believed expenditure would continue to decrease for the next 12 months.

– 36% of those managing business travel and 50% of those managing meetings and events believed expenditure would continue to decrease even across the next 10 years.

– 36% considered cost cutting and environmental aims were achievable at the same time
– 70% believed that considerable travel will still be required to undertake face-to-face meetings in the long run

“There are clearly some difficult times ahead of us as these statistics demonstrate that buyers and their companies are still challenging their expenditure levels despite talks of economic green shoots,” said.
ITM chief executive Paul Tilstone.

“Where travel is still required, there is considerable focus on price, as you would expect, and driving greater automation in the booking process. Clearly the impact of this economic crisis is going to offer considerable opportunities to some suppliers and points of crisis for others.”


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