Seven year cycle of business travel
IBTM Events, 22 Feb 2012 09:14
The seven year cycle. That’s how Ron DiLeo of the Association of Corporate Travel Executives (ACTE) described the peaks and troughs of the business travel industry at AIME today.
From the absolute lows, like 2009 when the economy was failing and the first cutbacks are on meetings and incentive trips. To the few years where business travel takes a backseat until the CEO starts wondering where the new business is and the economy struggles further because MICE events are no longer injecting huge sums of money.
Then gradually, people start travelling again, networking and building up their business contacts – which is where Ron sees the industry today.
Around three years into the cycle with a number of great years ahead.
As panellist Danielle Pucetta from American Express Meetings & Events said, meetings and events should be looked at as an investment rather than a cost and perhaps if we do take this attitude, the seven year cycle will one day, no longer exist.