Corporate travel costs will increase by 7% next year over 2004, predicts the National Business Travel Association (NBTA) in its Seventh Annual Business Travel Cost Forecast.
Hotel rates will rise the fastest in the recovering business travel market, said the NBTA. Costs will rise 7.5%.
The 2005 market should see a recovery compared to levels last seen in 2000, according to the NBTA.
“These rate increases will come in an environment in which corporations are no longer restricting travel as they have in recent years,” the NBTA said.
The NBTA survey is based on corporate travel manager members, industry analyst predictions and other market indicators.
Report by David Wilkening
