Article - The Transformation of Business Event Travel - By Thomas A. Hazinski - This paper presents findings from a survey of business event participants conducted in February and March of 2023. The survey aims to explore changes in the frequency of travel, motivations for travel, and changes in travel behaviors. Results show promising growth in 2023 and that the desire to network with peers and destination appeal are the strongest factors influencing decisions to travel to business events.
groceries and rent, are necessities. those are areas that most americans, particularly lower income americans, cannot cut back on. so if they are seeing the price of gasoline go up, they can t decide that they are going to stop commuting to work, right? they can t decide that they will stop picking their kid up from school. reporter: the federal reserve could again hike interest rates but that also cools off the economy. the more aggressively they raise rates, the more aggressively they have to effectively stomp on the brakes, hire ri higher risk of recession. i have changed my travel behavior in that i will try to cluster when i need to go far. i m also in the process of buying an electric scooter so it will save me on gas. reporter: what else can consumers do? mark zandi said for those contemplating a big purchase like a car or new home, hold off until prices go down and inventory goes up, that will probably take at least a few more months.
the federal reserve can fight inflation by hiking interest rates, but that also cools off the economy. the more aggressively they have to raise rates, the more aggressively they have to effectively stomp on the breaks. the higher the risk of recession becomes. reporter: in the meantime, consumers are changing their habits to get by. i have change my travel behavior. i will try to cluster when i need to go far. i am in the process of buying an electric scooter so it will save me on gas. what else can consumers do? for those people contemplating a big purchase like a home or a new car, hold off until prices go down and inventory goes up. that will probably take at least a few more months. thank you very much. let s dig deeper into all of this. joining us, former u.s. treasury secretary larry summers. thanks for joining us. you are certainly one of the first voices is on the alarm big time about the staggering