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Credit crunch hitting SME business, says HRG
Only a minority of corporates are curbing their travelling due to the credit crunch, according to HRG chief executive David Radcliffe.
The travel management company boss said while its SME and meetings and events business is being hit by fears of a recession, it is not seeing a reduction in travel by its managed corporate accounts.
“Instead, they are travelling differently,” said Radcliffe. “The switch has been pulled. They are coming to us and saying, ‘you know those cost saving ideas you talk about, well, we’re ready to listen’.
“They see this very much as a year they need to get through. Some are slowing down on their travel, but others are speeding up.”
He said the TMC has seen a rise in travel to and from China and India .
“There has been a shift of economic power, with the emerging markets of China and India , which is leading to a difference in emphasis in global commerce.”
Radcliffe said HRG has also noticed a marked increase in demand for rail travel.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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