Group business travel is not only on the rebound, but businesses are once again springing for perk-laden retreats to reward their executives. However, this post-bailout time around, the group getaways are not nearly as extravagant as before the recent recession.
Group business travel fell off dramatically during the recession and has been slower to rebound than individual business travel, according to Joseph Bates, senior director of research at the Global Business Travel Association. But that’s changing, he said.
“Group travel spending went up nearly 8 percent in 2011 and is expected to continue to rise in 2012. But that doesn’t necessarily mean its back to the status quo; retreat trips are coming back smaller, shorter and with much fuller agendas than before,” Bates said.
“No one is really looking at resuming pre-recession extravagance,” he added. “There’s a balance.”
Courtesy of Forbes Magazine