Business travel is becoming increasingly important for senior executives wishing to ‘stay on top’.
That’s according to a survey by the Economist Intelligence Unit, commissioned by American Express Global Corporate Payments, which suggests that business executives are increasing their levels of business travel, reports freshbusinessthinking.com.
The report suggests 48 per cent of UK companies are increasing their business travel compared to three years ago, rising to two thirds (69 per cent) of UK companies when including those maintaining previous levels of travel.
Furthermore company travel, such as a department meeting at a conference venue in London for instance, is critical to company profitability according to 93 per cent of executives surveyed. In addition, 89 per cent believe business travel also boosts sales.
Finally, a further 89 per cent of firms surveyed believe that business travel is critical to retaining customers in the current climate.
Karen Penney, vice president of global corporate payments at American Express, commented on the study: “UK companies have identified business travel as an important catalyst for economic growth.
“Clearly the globalisation of the economy has led companies to prioritise business travel to gain new business. However, the research shows companies will be placing a strategic emphasis on their travel programmes, with a focus on holding down costs to maximise their return on investment,” she added.
The report follows a study cited by travelweekly.co.uk which suggests growth in business travel will outstrip the levels of 2011-12.