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New Reports Indicate Business Travel Spending Up By 7.1%

limo service pittsburgh, pittsburgh limoUSA Today has reported that business spending has increased dramatically, rising by 7.1% in the year-over-year calculations. But why are businesses now spending more on travel -- and what does that mean for the business traveler?

The Economy is Rebounding

In general, elevated business spending is good for employees and companies alike. It means that the economy is getting better, as companies are very leery of spending money on travel when they are experiencing financial issues. In turn, this improves the travel industry and further improves the economy.

Transportation and Lodging is More Costly

Transportation and lodging has become more expensive for a variety of reasons. As the economy grows, the travel industry rebounds -- and industry disruption is also raising prices for most vendors. Companies seeking to reduce costs may want to make their own travel arrangements, such as through ground transportation contracts. But increases in actual out of pocket expense do not explain all of the increases in business travel spending.

Business Travelers Are Multi-Tasking

Rather than going on a single trip to Florida, a business traveler may start at Florida and move up to the coast ending in New York. In the past, business travel was done sparingly but today companies are trying to improve the productivity and efficiency of every trip -- leading to these types of multi-city hops. This is good news for the employees, too, as it means the company is valuing their time.

Companies Are Picking Up the Tab

And, of course, companies are more likely to offer their employees additional benefits such as per diem spending and better hotels, accommodations and chauffeured transportation when the economy is better. When the budgets are tighter, business travel still needs to occur when necessary, but companies are often forced to skimp on the actual comfort of their employees. With business improved, business travelers get their benefits back.

Although it may be alarming to hear that businesses are spending more on travel, it is actually very positive news. The increase in spending is only partially due to rising travel costs and is primarily due to businesses having more money to spend. But that doesn't mean that companies can't take action to reduce their budget too!

Posted on Oct 10 2014

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