Good news for next year's meeting budget: Travel costs are expected to rise only 4.7 percent over this year, according to a recent report from Runzheimer International. The Rochester, WI-based management consulting firm came up with the figure using the weighted average of five major business travel expenses: airfare, lodging, meals, car rental, and ground transportation.
Relatively low projected increases in airfare (up four percent) and meals (up five percent) are balanced with bigger projected increases in car rental (8.5 percent) and lodging (7.5 percent). The greatest projected increase? Taxi fares, expected to rise ten percent as a result of municipalities imposing greater costs on taxi operators.