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Article Excerpt
Cutbacks in corporate travel, which previously had seemed to be contained within financial services and pharmaceutical markets, now are being instituted at many other companies. In some cases, buyers report cutting travel spending by more than 20 percent. Such buyers are pushing hard to reduce the number of trips and cut travel budgets to offset the rising prices, massive spikes in fuel costs and the potential for a business slowdown.
"I'm getting rumblings from a number of corporate travel manager sources, suggesting that corporations are going to want to cut back on travel spend by 20 percent or so," Credit Suisse airline analyst Daniel McKenzie said during an American Airlines parent AMR Corp. second-quarter earnings call.
In response, AMR executive vice president of planning and CFO Thomas Horton said, "We're hearing...
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More articles from Business Travel News
BTN's 2008 Travel Manager Salary & Attitude Survey., July 21, 2008
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