Return of the Lavish Corporate Retreat
As the recession ends, big companies are once again booking luxury getaways.
Oct. 8, 2009— -- The recession might have kept American travelers home -- or at least closer to home this year, but the real damage for the industry has been corporate travel, especially the booking of business class airplane seats and corporate retreats at lavish resorts.
But now there appears to be a glimmer of hope. Hotel and convention organizers say that more events are being booked and that businesses are slowly becoming more willing to spend again.
This year goes down as one of the worst for the travel business in decades but 2010 is looking a bit brighter and by 2011 many industry executives expect a rebound. It won't be like the boom times seen just back in 2006 and 2007, but they predict there will be a return to profitability.
In the meantime, leisure travelers used to deals, promotions and all sorts of price cuts shouldn't fret. They aren't disappearing anytime soon for hotels or cruises. There is still a massive surplus of rooms available and companies are doing whatever they can to fill those spots.
"I think it's still going to be a very much promotion-driven market. Consumers are going to be very cautious about spending discretionary income. They will still travel, but they will have to see a value that is well defined," said Gary Sain, president of the Orlando/Orange County Convention & Visitors Bureau.
"The message here is that there is no better time to travel in the history of travel. There are so many great values out there."
Stay Up to Date on the Latest Travel Trends from ABC News on Twitter
Sain said the industry has hit it bottom and is slowly climbing out of its troubles.
Related Stories
ABC News Live