Corporate travel is projected to drop by 15% this year, compared with 2008, while overall travel demand could decline by 11%, according to a study by a market research firm.

Despite signs that the country’s economic free fall may be bottoming out, demand for business travel continues to plummet, putting airlines and hotels in financial straits.

As businesses continue to tighten spending practices, corporate travel is projected to drop by 15% this year compared with 2008, while overall travel demand could decline by 11%, according to a study by PhoCusWright, a Sherman, Conn., market research firm.

Corporate travel — defined as business travel managed under strict corporate policies — has historically represented about 40% of the total travel market, but PhoCusWright predicts that share will drop to 35% next year.

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