Our friends and family often ask us “how’s business?” They ask both because they are concerned about us AND because they see our industry as an indicator for the economy. THEY ARE RIGHT! And it is supported by the experts listed below. Travel and events are often the first place cut back and the last place added back in. People are recognizing the value in face to face meetings and a little bit of fun to keep their teams motivated and on target!
Group Travel Spend Expected to Grow by 7% in 2011 published at conworld.net, explains the growth of business travel spending, which was initially expected to increase by 5% in 2011, is now expected to advance by 6.9%. According to the Global Business Travel Association (GBTA), their Travel Index has reached its highest point since 2008 and the forecast is continued to rise. And the best part of this news? “Business travel spending is a leading indicator of future job growth.” Hoping for an employment surge!
In keeping with this sentiment, an article published by Successful Meetings entitled CFOs Tell AmEx They’ll Spend More on Business Travel, Meetings This Year, expands upon the forecast growth. The overall increased economic optimism currently held by many corporations means that companies are “prepared to invest more money in strategic growth this year – including business travel and meetings.” According to the figures determined by American Express, finance executives plan to spend 41% more on travel in 2011, up 15% from 2010, because they understand the correlation between business travel and revenue growth. Highlight? 34 percent of finance executives “plan to increase spending on meetings with new or potential clients.”
We love all of this good news! Have you found new business because of the rebounding economy?