The current economic crisis is far worse than September 11, 2001, and could be “longer and deeper” than downturns of recent years.
Business travel agents were given the stark warning at this year’s Advantage conference.
British Airways general manager UK Richard Tams said: “This is a lot worse than 9/11. We are in a crisis situation.
“9/11 was a short sharp shock but the underlying economic environment was far better. Now we have rocketing fuel prices and weakening demand. It will be fatal for a lot more businesses.”
Business travel consultant Tony Pilcher, of Pilcher Associates, added: “This [downturn] is going to have much more of a domino effect. I think it’s going to be longer and deeper.”
Travel management company Horncastle Executive Travel managing director Peter Drummond agreed: “We have never experienced anything like this before.”
Businesses will be forced to make cutbacks, downgrade their travel plans and look at whether their business trips were necessary, they added.
Drummond said the emphasis for TMCs would be on the quality of staff and the service provided as well as pricing.
It is also a time for business agents to talk to supplier partners to free up extra value for customers forced to downgrade in the current climate. “Get lounge access even if the ticket says you don’t have access so the relationships you have see you through the storm,” he added.