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.
Table of Contents
- Scope and Themes
- What you need to know
- Definitions
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Snapshot of the market
- Hotel room construction finally increases supply
- Airlines poised for profit
- Suppliers, especially airlines, do more to ease travel for executives
- Distribution channels continue to evolve
- Income, education and position within company predict business travel
- Market serves two types of customers: infrequent business travelers and
road warriors
- Future growth will come from Generation X travelers
- Market expansion will continue
- Market Drivers
- The U.S. economy
- Figure 1: U.S. GDP, at current and constant prices, 2001-06
- Figure 2: Corporate profits, at current and constant prices, 2001-06
- Higher travel costs
- Figure 3: Most expensive U.S. cities for business travel, by per diem
costs, 2002 and 2006
- Hotel room supply
- Figure 4: Number of hotel rooms available, number of hotel rooms sold,
average occupancy levels, and average room rates, 2000-05
- Rental cars: lower supply and higher fees
- Jet fuel costs rise and capacity falls
- Figure 5: Airline industry fuel costs and jet fuel price per barrel,
2000-06
- Alternative meeting technologies
- Traveler demographics
- Figure 6: U.S. population, by generation, 2005 and 2010
- Market Size and Trends
- Figure 7: Total spending on U.S. domestic business travel, at current
and constant prices, 2001-06
- Figure 8: Number of person trips for business and leisure purposes,
2002-06
- Market Segmentation
- Overview
- Figure 9: Domestic business travel sales, by segment, 2004 and 2006
- Lodging for business purposes
- Figure 10: Sales of lodging for business purposes, at current and
constant prices, 2001-06
- Air travel for business purposes
- Figure 11: Sales of air travel for business purposes, at current and
constant prices, 2001-06
- Car rental for business purposes
- Figure 12: Sales of car rentals for business purposes, at current and
constant prices, 2001-06
- Business rail travel
- Supply Structure
- Airlines
- Improved seat comfort in business class
- Fast boarding lanes
- Making a comeback: meals and other amenities
- Hotels
- Fitness center updates
- Self-service kiosks
- New design concepts to attract younger business travelers
- Personalized wake-up calls
- Help with expense reporting
- Room selection programs
- Car rental companies
- Loyalty programs
- Latest technology
- Provision of toll payment technology
- Advertising and Promotion
- Overview
- Figure 13: General media expenditures, by selected travel brands, 2005
- Airlines
- Lodging
- Car rental
- Loyalty programs
- Unredeemed points signal potential ineffectiveness
- Price beats loyalty
- Figure 14: Attitudes towards frequent flyer programs, by business
travelers, June 2005
- Social networking websites
- Retail Distribution
- Figure 15: Share of business travelers, by type of travel management,
2004
- Managed travel
- Travel management companies
- Figure 16: Share of top 100 national accounts air volume, by travel
management company, 2005
- American Express
- Carlson Wagonlit Travel
- BCD Travel
- Internet booking agencies
- Figure 17: Online share of total managed travel sales, 2003-06
- Orbitz for Business
- Expedia Corporate Travel
- Travelocity Business
- Global Distribution Systems
- Figure 18: Global distribution systems, by sales, air transactions
booked, worldwide locations and ownership, 2002 and 2005
- Unmanaged travel
- The Consumer
- Introduction
- Summary highlights of consumer survey
- Who is the business traveler?
- Figure 19: Number of business trips taken, December 2006
- The business traveler by demographic analysis
- Figure 20: The business traveler, by demographic analysis, December 2006
- Business travelers by employment status and company size
- Figure 21: The business traveler, by employment and company size,
December 2006
- Purpose of business trip
- Figure 22: Purpose of business trips taken, December 2006
- Number of business trips by purpose of trip
- Figure 23: Number of business trips taken, by purpose of trip, December
2006
- Who books the trip?
- Figure 24: Who books the business trips taken, December 2006
- Number of trips taken by who booked
- Figure 25: Number of trips taken, by who booked them, December 2006
- Means of transport
- Figure 26: Business trips, by type of transport used, December 2006
- Type of transport used by number of trips taken
- Figure 27: Type of transport used, by number of business trips taken,
December 2006
- Mode of transport by who booked the trip
- Figure 28: Mode of transport, by who booked the trip, December 2006
- Air travelers and the services they use
- Figure 29: Business trips, and airport/airline facilities used, December
2006
- Type of air business traveler by airport/airline facilities used
- Figure 30: Airport/airline facilities used, by type of air traveler,
December 2006
- Hotel amenities used on business trips
- Figure 31: Hotel amenities used on business trips, December 2006
- Attitudes toward business travel
- Figure 32: Attitudes towards business travel, December 2006
- Belief that business travel is important for the success of one' s company
- Attitudes by number of business trips taken
- Figure 33: Attitudes towards business travel, by number of business
trips taken, December 2006
- Attitudes towards business travel by technology used
- Figure 34: Attitudes towards business travel, by technology used,
December 2006
- Attitudes by type of air traveler
- Figure 35: Attitudes towards business travel, by number of business
trips taken, December 2006
- Future and Forecast
- Future trends
- Numerous reasons for growth in business travel revenues in 2007
- Hotel segment
- Air travel segment
- Car rental market
- Modest economic expansion in the short term
- Airline industry consolidation
- Evolving distribution channels
- Corporate jets and fractional jet ownership
- Market Forecast
- Domestic business travel
- Figure 36: Forecast of total U.S. spending on domestic business travel,
at current and constant prices, 2006-11
- Lodging for business purposes
- Figure 37: Forecast of U.S. sales of lodging for business purposes, at
current and constant prices, 2006-11
- Air travel for business purposes
- Figure 38: Forecast of U.S. sales of air travel for business purposes,
at current and constant prices, 2006-11
- Car rentals for business purposes
- Figure 39: Forecast of U.S. sales of car rentals for business purposes,
at current and constant prices, 2006-11
- Forecast factors
- Appendix: Trade Associations
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