Abstract
In this report, Mintel examines economic factors that have shaped and influenced the business travel market in the past year. These include a review of the air travel, lodging, and car rental sectors in their service to business travelers, as well as corporate travel management companies and online travel agencies that serve the business market. Specific topics explored include the continued growth of online booking as a primary means of purchase for corporate travelers; the rising cost of travel in light of strong demand and tight supply; and the threat of consolidation sweeping the airline industry.
Mintel also provides insight into the typical business traveler, including demographic characteristics, behaviors regarding travel management, and use of services such as rewards programs. Attitudes toward business travel are explored in depth. With the awareness that Baby Boomers will soon be leaving the workforce in record numbers, travel companies are increasingly targeting Generation Xers with the latest trends in technology and style.
In 2006, the business travel industry experienced strong growth. Solid demand for travel by corporations, coupled with rate and fare hikes by suppliers, pushed annual revenues higher. Current positive conditions in all segments of the business travel market analyzed for this report-lodging, air travel and car rental-suggest sustained growth in 2007, even as traditional industry players contend with a rapidly changing landscape.
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