While the vast majority of senior financial executives foresee continuing cuts in business travel budgets, they still plan to invest in revenue-generating travel for their companies, according to a survey of 285 senior finance executives worldwide released May 12 by American Express and CFO Research Services.
The survey reported that 87 percent of the executives said their companies would spend less on business travel this year compared with last year. About two-thirds of the executives said they would maintain or increase levels of travel for meetings with existing clients, and even more—82 percent—said they would maintain or increase travel for the purpose of winning new clients or business development.
The study detailed a number of methods the executives are using to cut travel and travel costs: reducing the number of travelers and having those who travel update the others when they return, raising the level of management approval required to travel internationally. However, the executives said travel remained a critical cog in their business.