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(EMAILWIRE.COM, May 14, 2013 ) San Francisco, CA -- For those businesses that continued to put workers out on the road during the recession were able to continue profitability margins compared to those that cut back on business travel, according to a new study.
The study was conducted by an Oxford Economics team, and was commissioned by the U.S. Travel Association, which does place some doubt on the findings causal connectivity. The study was an attempt to show that travel does affect the company's bottom line in a positive manner, which would encourage companies to continue to put money into travel spending, such as for meetings and conferences.
For each dollar invested in travel, a U.S. Company could be expected to generation $9.50 in overall revenue, and $2.90 in profit, said the study. The totals were based on an analysis of government data on 14 industries that were viewed over 18 years.
A parallel survey took into account nearly 300 business travelers, and found that over half (57%) believed that cutting travel budgets during an economic downturn did damage to the overall performance of said company. Less than 5% felt it helped their overall numbers.
"When we analyzed data from the Great Recession and recovery, we learned that companies that invested the most in business travel tended to grow the fastest," said Adam Sacks, managing director of Oxford Economics, which conducted the analysis as a follow-up to a 2009 study.
Business travel has been able to see a resurgence in numbers after a difficult downturn that spanned 2007 to 2009. There has been a 5% increase in numbers from 2012 when pitted against number from 2007.
Hotels stated they have seen a pick-up in demand for business travel. The Marriott International stated its first-quarter earnings jumped nearly one-third thanks to a recovering business sector, as more travelers were again on the road for meetings, conferences, and business seminars.
"Demand from business travelers is up quite strongly," said C. Patrick Scholes, managing director of gaming and lodging equity research at SunTrust Robinson Humphrey. "It's really the strongest demand component of hotels right now."
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