ANNUAL REPORT SIGNALS INTERESTING YEAR AHEAD FOR BUSINESS TRAVEL & MEETINGS SECTOR
The Institute of Travel & Meetings UK & Ireland( ITM) today issued its third annual edition of its Industry Observer - an annual report containing buyer driven research, annual trend analysis and commentary on the year past and the year ahead. The report is provided for the ITM membership and is widely seen as one of the most independent views of the state of the industry and the likely drivers of change.
Key elements contained in the report include:-
- A variance on the view of expenditure growth in 2010, with 32% of buyers predicting growth, 45% predicting flat expenditure and 23% suggesting a further reduction
- 85% of buyers suggest that cost is still the main focus in the year ahead
- 83% of travelers are open to cheaper travel alternatives, compared to 62% in 2008
- An increase in deviation from preferred TMC and HBA booking channels from just 6% in 2008 to 17% in 2009
- An increase in adoption levels of over 50% of bookings undertaken by Self Booking Tool technology from 39% to 63% of respondents
Speaking about the results, Jamie Hindhaugh, Chairman of ITM said, "Clearly the court is still out on what 2010 will look like, but there is some cautious optimism. 2009 was a year of pain for the supplier community but technology appears to have done very well due to a focus on reduced cost as buyers sought to tighten controls. The TMC sector didn't escape from the huge downturn in booking volumes but some appear to have coped better than others with the greater fragmentation of pricing across different distribution channels."
Colin Goldney, MD of Argate, ITM Research's partner, commented, "That all business stakeholders have had more focus on travel and meeting costs, from board level to travelers themselves, is great news for the travel buyer as the spotlight provides an opportunity for them to demonstrate what tighter controls they can achieve in other programme areas as well as cost, such as duty of care or technology enhancements."
The report is provided to all members of ITM at no additional cost, with public sales at £345 per copy. To download a copy of the report, please log in as a member and visit the research area.
