Travel managers make emergency cutbacks

1 in 4 react to the financial situation by tightening belts, survey shows

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updated 11:25 a.m. ET Oct. 20, 2008

MINNEAPOLIS - One-quarter of travel managers have made emergency spending cutbacks because of the financial crisis, according to a new survey released on Monday.

The Business Travel Coalition asked 196 travel managers in 14 countries about how they and their companies are reacting to the financial situation. BTC conducted the survey from Wednesday through Friday. Nearly three-fourths of the respondents were in the U.S.

Of those with emergency travel cutbacks, 68 percent said they would keep them in place until further notice.

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Other findings:

34 percent said their company cut back this year on the use of major network carriers in favor of discount airlines.
34 percent said the cutbacks have taken the form of a travel freeze.
Half said their companies are planning to spend more in 2009 on technology such as video conferencing as a substitute for air travel.

Travel managers said they were making changes such as requiring approval from higher-than-usual ranking executives for international travel, requiring 7-day advance purchases, or encouraging day trips instead of overnight stays.

BTC said its previous surveys showed corporations cutting back on air travel at the beginning of the year, with broad-based travel reductions apparent by midyear.

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