Matt Bush, a human resources executive, estimates his travel budget will jump 30% in 2010.
During any other year, that might signal a business boom. But few things seem normal in a year when the travel industry has been turned upside down by companies severely cutting back.
Bush’s double-digit increase will follow a 50% cut in his original 2009 budget. In 2010, he plans to log about 15 trips, up from nine this year.
“There is a fundamental reset of what ‘normal’ looks like,” Bush says. “And it’s less than what we were used to.”
A similar refrain is echoing throughout the travel industry, which hopes for anything but a repeat of this year. With U.S. unemployment near 10%, the prospect of a sustainable growth level seems far off — perhaps not until late 2010 or 2011, executives and business travelers say.
Even then, “Improvement in business travel is going to be small,” says Hervé Sedky of American Express Business Travel. “There’s a lasting effect of the recession going forward.” Hard money training
Tags: business, business travelers, recession, travel industry
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