The Business Traveler - US - July 2015
Continuing corporate profitability has boosted the business travel market, estimated to reach $234 billion in 2015. All segments of the market – including airlines, hotels, and rental car companies – have benefited as companies boost business travel spending. Heightened demand, industry consolidation, and pricing action have been advantageous for the travel market. Travel brands that reinvest profits in mobile booking tools, automated check-in, Wi-Fi connectivity, and improved work spaces can pass the benefits along to business travelers in a meaningful way.
This report looks at the following areas:
- Heightened demand puts pricing power in the hands of industry players
- Men and women have different expectations for business travel
- Travelers crave constant connection
Continuing corporate profitability has boosted the business travel market. All segments of the market – including airlines, hotels, and rental car companies – have benefited as companies boost business travel spending. Heightened demand, industry consolidation, and pricing action have been advantageous for the travel market. Travel brands that reinvest profits in mobile booking tools, automated check-in, Wi-Fi connectivity, and improved work spaces can pass the benefits along to business travelers in a meaningful way.
This Report explores the frequency of business travel and the reasons for travel, as well as consumer attitudes around business travel. Business travel is defined as day or overnight trips of over 50 miles for business purposes, outside of a regular commute. Reasons for business travel may include conferences, meetings, classes, seminars, trade shows, conventions, off-site physical labor or service work, or company sponsored reward trips.
Although business travel has rebounded in an improving economy, business trips don’t look the same as they did prerecession. Business travelers have heightened expectations that they will be able to stay connected and productive at the airport, on the plane, and in their hotel rooms, leaving travel brands responsible for satisfying this demand for connectivity. Improved productivity has also enabled travelers to schedule time for leisure activities during business trips, making a hotel’s ability to provide accommodations that bridge business and leisure more relevant to business travelers than ever before.
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