Travel Market in the United States Heading South in 2009?
In total, 37% of business travelers who planned to travel through the remainder of 2008 say their travel plans have been impacted by the current financial crisis:
- 8% of U.S. business travelers say they have already cancelled a business trip they were planning to make by year-end
- 6% are considering cancelling a business trip planned for 2008
- 10% have postponed a scheduled business trip until after January 1, 2009
Additionally, some business travelers in the United States plan to use technology to replace face-to-face meetings - slightly more than one-in-ten (13%) American business travelers plan to substitute some of their 2008 business travel with conference calls and webinars where appropriate. The remaining business travelers in the United States expect to continue with their business trips as planned (47%), or they plan to take all of their scheduled business trips, however their employer has asked them to be mindful of travel expenses (16%).
While business travel is under pressure for the remainder of 2008, the picture is bleaker for 2009. Among U.S. business travelers:
- Four-in-ten (40%) say they expect to travel less often for business in 2009 compared to 2008
- Two-in-ten (22%) expect to travel more for business in 2009
- Almost four-in-ten (38%) say they expect to travel the same amount for business in 2009 as they did in 2008
Dave Pierzchala, Vice President with Ipsos' Loyalty division, remarked, "The results show that business travelers have already taken action to account for the deteriorating economy. The replacement of travel with webinars and conference calls, along with the strong expectation of less travel in 2009 are both especially worrisome trends for the industry."
In the world of leisure travel, a similar story emerges as in total, 21% of leisure travelers plan to cancel or postpone a trip through the remainder of 2008:
- One-in-ten (10%) Americans say they have already cancelled a leisure trip they were planning to make by year-end
- A smaller proportion say they are considering cancelling a leisure trip they planned to take by year-end (4%)
- Have postponed a scheduled leisure trip until after January 1, 2009 (7% )
Looking ahead to next year:
- Almost four-in-ten (37%) Americans say they expect to travel less often for leisure in 2009
- Two-in-ten (20%) expect they will travel more often for leisure next year
- Just over four-in-ten (43%) Americans expect they will travel the same amount for leisure in 2009 as they did in 2008
"One of the few bright spots today is lowered gasoline prices which offers relief for the holiday drive market," continues Pierzchala. "However, the current financial crisis, as evidenced by falling real estate values, rising unemployment and missed corporate profit expectations, appears to be offsetting any positive developments and leisure and business travel expectations for 2009 are weakening."
These are the findings of an Ipsos poll conducted from November 3 -10, 2008. This online survey of 1055 U.S. adults (18+) was conducted via Ipsos' online panel.
For more information on this news release, please contact: Dave Pierzchala Vice President Ipsos Loyalty (778) 373-5006 [email protected]
About Ipsos in North America
Ipsos is one of the fastest growing market research companies in the U.S., market leader in Canada, and among the most trusted research brands in North America. With more than 1,500 professionals and support staff in the U.S. and Canada, Ipsos offers a suite of survey- based services--guided by industry experts and bolstered by advanced analytics and methodologies--in advertising, customer loyalty, marketing, media and public affairs research, as well as forecasting, modeling, and consulting. Ipsos companies offer a complete line of custom, syndicated, omnibus, panel, and online research products and services.
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Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999.
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