Some companies are re-thinking the road warrior model in favor of less expensive options like teleconferencing

(CNN) -- Corporate travel -- along with airfares and room rates -- is at a peak but some businesses have begun cutting travel expenses in response to the world's growing economic turmoil.

In a survey of 450 Fortune 1,000 companies, the National Business Travel Association (NBTA) found that businesses are feeling the impact of the world economy and are cutting back on travel in response.

More than 69 percent of the companies surveyed reported that they had changed their travel strategies within the last 30 days.

"The most surprising thing was a domestic downturn of about 20 percent in what they've actually traveled," said Norman Sherlock, a spokesman for the NBTA.

Corporations are sending fewer people on trips, according to the survey. Instead, they are using video and teleconferencing and trying to negotiate better discount rates with travel suppliers.

"Corporate America is bracing for tougher times and one of the most strategic operation safeguards is the effective management of corporate travel, which accounts for the third largest controllable expense within any corporation," said Mark A. Johnson, president of the NBTA.

On average, companies surveyed expect to cut travel by 17 percent and some reported they will make $2 million in travel cost cuts in the next two quarters.

Sixty-eight percent of the companies surveyed reported that they have been negatively impacted by the recent global economic downturn.

But everyone doesn't expect a drastic downtown in corporate travel: American Express says business travel expenses are only leveling off and expects companies to spend $175 billion on travel this year.

In addition, the Travel Industry Association expects Americans will travel in record numbers next year.

Based on a report from CNN's Business and Travel and Beyond. The segment appears weekdays on Early Edition at 7 AM (ET) and on Morning News at 10 AM (ET).