October 1, 2008

Business Travel Budgets Tighten

Many businesses are changing travel policies because of higher prices and a down economy, and they are taking steps such as staying at cheaper hotels, according to a survey by Orbitz for Business and Business Traveler magazine.

Reported by Ellie Behling and Fred Schneyer

Seventy-nine percent say they are under pressure to trim travel costs so they have started opting for less expensive hotels, and six in 10 of those polled are on the road as much if not more in 2008 than they were the year before. Other changes to save money include: 47% indicate changes to their company’s rental car policy, 41% are tightening their travel policies and implementing more restrictions on travelers for hotels and dining, and 42% are exploring alternatives to travel, including video/Web conferencing.