A new survey says that business travel may show some signs of improvement for 2010, but not much.
A staggering 10% unemployment rate and companies continuing to be frugal with travel costs are keeping analyst expectations for a solid travel in the year ahead at a minimum.
Here’s how each industry impacted by business travel stacks up.
Airlines: The survey says that business-class fares on airlines will be up 1-6% while fares in general will be up 2-7% in 2010.
Hotels: Hotel revenues have fallen nearly 20% in 2009 and are predicted to fall another 1-6% in the year ahead as supply remains plentiful.
But don’t be discouraged by this news.
Corporate housing is utilized by more than just business travelers and we’re seeing more relocated families, traveling nurses and professors, visiting mother-in-laws and more taking advantage of fully furnished rental properties. Plus, corporate housing is becoming a well-known alternative to hotels. As more business travelers become responsible for booking their own travel, more will come to personally learn about the perks the corporate rental world offers.