American Express Business Travel garnered $6.3 billion in new and renewed contracts for 2007. (2/4/2008)
Renewals contributed to a global retention rate of 98% and sales from newly signed clients in its Global Business segment represented an increase of 55% compared to 2006. In total, American Express drove $24.6 billion in travel sales during 2007.
Additionally, American Express Business Travel delivered more than $1 billion in travel and entertainment savings for its North America based middle-market, large-market and multinational clients in 2007. Strong demand for proven savings and cost control methods factored in the company´s growth this past year and continued global expansion.
American Express Business Travel reported strong growth throughout North America, citing particularly strong growth in the middle-market segment, which grew by 25% over 2006 in new sales. Japan, Asia Pacific and Australia region saw a 105% increase in new business revenues as compared to 2006, while the European region reported a near 20% increase in new sales and more than $1 billion in renewed contracts.
A recent client survey revealed the top priorities companies are focused on in 2008. The top three areas of focus include the environmental impact of a travel program, meetings expense management and globalisation.