ACTE Executive Director, Susan Gurley, expects that those spending the same would ultimately be traveling less as the cost of travel has climbed significantly, and "...even those who stated they are spending more may find they are barely keeping up with cost increases."
The number one cause of the cutbacks in travel spending, according to 47% of the survey's respondents, is a combination of economic uncertainty and rising fuel costs. (15% cited the economy alone as did 12% for fuel costs.) 26% cited other reasons such as internal changes and a restructuring of business focus.
"Equally significant is the manner in which corporate travel managers are directing the cutbacks," said Gurley:
Gurley said "Many international travel markets thought the economic downturn was restricted to the United States... yet the fuel crisis hit everyone at the same time... "
The credit crisis has leapfrogged to a number of European financial institutions, says the report. Anticipating these developments, the ACTE has been focusing on value management, strategic meetings management and demand management, to discourage the decision to simply cut travel across the board.
For more information, visit ACTE here.