Will A Wall Street Pickup See Return of Lavish Vacations?

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Despite the economy being close to what it was prior to the financial collapse, experts speculate that the lavish spending and lifestyle of Wall Street will not return to its former spending habits.

New York University hospitality school dean, Bjorn Hanson, explains to USA Today, that one of the reasons Wall Street won’t return to its former lifestyle because the market has yet to recover to 2008 levels. Additionally, Hanson explains that the public attitude towards Wall Street and on Wall Street have changed.

“The recession really drove companies with loose policies to tighten the reins on hotel per diems and class of service,” explains says Michael Steiner, a partner at Ovation Travel, a New York-based travel agency catering to financial services companies and law firms. “With the improved business environment, we’re seeing more travel — but not a relaxing of travel policies.”

What’s more, Steiner believes that Wall Street-related firms “used the recession as an opportunity to reset the travel policy, because they were getting out of hand. Business was good and travel policies were really loose. They put better controls in place.”

Photo credit. Source courtesy USA Today.