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Corporate Executives Mixed on Future Travel Spending Says Survey

Hotel Booking According to a recent survey conducted by BusinessWeek Research Services on behalf of GetThere and the Association of Corporate Travel Executives (ACTE), corporate financial executives have mixed expectations for future travel spending. Survey results also indicate an increasing understanding of the benefits of a tightly managed corporate travel program. As executives become more active in determining how to best manage travel costs, many view online corporate travel systems as a key driver for cost reduction.

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Travel Agency Results indicate financial executives are more involved in their companies' travel management program than in the past. At the same time, there was a clear difference between the two groups that were surveyed. Surveys were issued to a board of BusinessWeek readers and a group of senior financial executives closely associated with ACTE. Those associated with ACTE showed much more involvement in the specifics of the travel program, including the creation and approval of corporate travel policies and evaluation of travel expenditures. The ACTE sample also tied travel savings more closely to their companies' bottom line.

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Cheap Hotel The survey showed that 74 percent of the ACTE sample, and 47 percent of the BusinessWeek sample, believe travel savings have a meaningful impact on the bottom line. In addition, 90 percent of the ACTE sample has implemented specific measures including the use of an online booking system to reduce travel costs, compared with just 42 percent of the BusinessWeek sample.

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Flight Booking The survey also indicated a significant surge in the use of online booking, with nearly 40 percent of respondents saying their company has deployed an online system, and 80 percent of those companies seeing cost-savings as a result. Again, the ACTE sample showed a much greater uptake, with 82 percent using online compared with just 29 percent of the BusinessWeek respondents.

"We're almost totally sold out, " said spokeswoman Devyani Singh. "That' - because we know we can do that." Corporate spending drives a large chunk of the high hotel rates. The Super Bowl stands as the top single event for corporations to entertain clients and top executives, according to corporate travel planners, with the Master's golf tournament in Augusta, Ga., holding the No. 2 slot.

Travel Agent "These results reinforce findings from GetThere's annual corporate travel benchmark survey that shows financial executive involvement is key to effective travel management and strategic cost reductions. And, both surveys show a significant increase in companies using online technology to strategically reduce costs," according to Tony D'Astolfo, senior vice president at GetThere.

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Hotel Chicago Key Research Findings:
While a third of the survey respondents were optimistic about increasing their travel spending next year, most continue to focus on finding the best travel values and effective tools to reduce costs. Additional research findings include:

Online Booking - In 2004, 35 percent of respondents expect to spend more on corporate travel, and nearly half the respondents expect to spend about the same as this year, but 57 percent said they would also focus heavily on minimizing travel costs

Travel Health Insurance - Of those planning to reduce corporate travel spending, 62 percent say it is only a temporary reduction

Hotel Reservation - 64 percent of companies are adjusting travel policies to reduce travel costs, which is the second most common practice for reducing costs, following limiting travel

London Hotel Booking - 95 percent believe travel expenditures have a major impact on their bottom line.

Discount Travel - While 96 percent of respondents are concerned with assigning ROI metrics to travel expenditures, only 19 percent have ROI metrics in place

Orlando Hotel - 84 percent are considering changes in how online technology is used to plan and manage corporate travel

Booking Agency - The number of companies who have implemented an online travel system has jumped to nearly 40 percent this year, and nearly 80 percent see cost-savings as a result

International Travel Medical Survey Methodology
Results are based on a survey of two independent databases. The first, the BusinessWeek Market Advisory Board, is an online research panel consisting of BusinessWeek subscribers and online users. This sample was limited to senior managers that have corporate finance responsibilities (C-levels, presidents, senior vice presidents/executive vice presidents) and work for companies with more than 1,000 employees. The second database was pulled from an e-mail list consisting of 237 ACTE members. All surveys were completed on a secure web site, managed by InsightExpress, Inc., an independent market research firm. A total of 437 online surveys were completed between September 11 and 19, 2003.

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