13 May 2009 | Martha McKenzie-Minifie
Companies plan to prioritise corporate travel on trips that are "revenue-generating" as they curb overall spend in the downturn, according to the American Express/CFO Research Global Business & Spending Monitor.
The report showed 87 per cent of respondents said their companies planned to spend less on business travel this year, with 44 per cent expecting a decrease of more than 10 per cent.
The research surveyed 285 senior finance executives from the US, Europe, Canada, Mexico, Asia and Australia.
The results indicated a shift towards "revenue-generating" travel. More than four in five respondents said they were likely to maintain or increase travel for meetings with new clients or for business development.
Gunther Bright, senior vice-president, global client group at American Express, said: "While companies are focused on cutting where they can, they are spending when they should to become more efficient and keep revenue flowing."
The study also suggested companies were exploring new ways to measure success in the downturn, with 54 per cent "using or considering new metrics" for operational efficiency.