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Business Travel (Domestic) - US

DateJan, 2007
Pages83
Price / format$2995 / Online Download
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Abstract:
 Countries covered: United States

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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