Financial Crisis Ices Corporate Travel
Fueled by a financial crisis that continued to broaden this month, many companies have enacted further plans to cut trips and draw down travel budgets. As some travel buyers instituted across-the-board travel freezes or flying reductions, others have further tightened the screws on policy and ramped up enforcements to shave costs. A Business Travel Coalition survey of 196 corporate travel buyers conducted this month showed nearly 26 percent of the respondents "implemented emergency travel cutbacks in the past weeks as a direct result of the financial crisis." Of the respondents indicating newly implemented cuts, 34 percent characterized the cutbacks as "straight-up travel freezes," while 19 percent said they took the form of mandates to reduce the number of trips.