Tough Economic Times Challenge the Business Travel Industry

It seems as if AIG isn't alone in its cancellation of business travel and events. An October 6, 2008, article in the International Tribune, the Global Edition of the New York Times, reported that in September 2008, the top seven airlines averaged a 9.47 drop in domestic (U.S.) passenger miles compared with the same period 12 months prior, fares are 15 to 25% higher on many routes, and cancellation of existing reservations at hotels are running about 50% above normal. Indicators show that four and five star hotels that do major business events are among those impacted.