Good news for the business travel industry also means good news for the hospitality industry. Check out this article from www.travelpulse.com on the the rise in Business travel.
The age of online meetings and instant connections has changed the way people travel for business, but many companies still believe there is nothing that can replace a handshake and a smile. According to the Global Business Travel Association (GBTA), businesses will spend a record $1.25 trillion this year to send employees on work trips as companies try to grow in today’s economy.
The Economist is also reporting a recent study from Morgan Stanley that states 63 percent of American companies increased their travel budgets for 2015, and that similar numbers are expected from businesses over the next year. While companies are spending more on trips dedicated to work, the focus on costs during travel is under more scrutiny than ever. A survey by the Association of Corporate Travel Executives (ACTE) claims companies have become stricter about upgrades, expenses and even using centralized booking systems.
The ACTE also explained how companies are missing the boat on alternative suppliers of accommodations like Airbnb, with over half of the businesses responding to the survey ruling out any sharing-economy firms. The companies cited regulatable safety and standards that hotels can be held accountable for as a main reason behind the decision.