Travel Leaders: Business Travel Costs Fall to Four-Year Low

airlineThe number of business travelers who book domestic airline tickets 14-20 days in advance increased 10 percent in 2013 as compared to the previous year, Travel Leaders Corporate reports.

Travel Leaders Corporate said the data from its clients’ annual business travel bookings shows that, on average, those travelers saw a 19 percent lower price on the cost of their domestic airline ticket versus those who booked less than seven days in advance. 

However, the group says the biggest shift has been away from booking travel arrangements 21 days or more in advance, potentially to avoid an airline’s domestic change fee while also taking advantage of lower fares that are offered 14 days or more in advance. 

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In addition, the data also confirms that the average total cost of an international business trip has reached a four-year low, Travel Leaders Corporate - a division of Travel Leaders Group -says.

RELATED: GBTA: Business Travel to Fly High in 2014

“In 2013, we saw a 10 percent increase with business travelers booking airfares in the 14-20 day range. During the same period, the number of transactions where the client booked more than 21 days out decreased by 11 percent,” said Travel Leaders Corporate President David Holyoke. “Business travelers are cognizant of the cost incurred when changing an airline ticket, which in some cases can be as much as $200. Through the work of our account managers and analysts, we are able to monitor actionable data and work closely with our clients to reduce the amount of change fees, ensuring that their trip is as cost efficient as possible.” 

Travel Leaders Corporate said that in 2013, the number of clients booking their airfare in the 0-6 day range increased by 1 percent, and remained relatively flat with clients who booked in the 7-13 day range.

The results indicate that most business travelers purchased their airline ticket 14-20 days in advance, with the fewest amount of business travelers purchasing their airline ticket 21 or more days in advance. 

RELATED: Delayed Flights Top Concern for Business Travelers

In addition, the data also indicates that the average cost of an international trip last year, – including combined air, car and hotel – has reached a four-year low, a trend Travel Leaders Corporate identified in mid-2013. Clients paid on average $2,461 in 2013, as compared to $2,508 in 2012.

“It’s important that our clients are able to justify the cost of their international business trips and, naturally, they are always interested in finding additional ways to save on travel expenses. Whether that’s shortening the length of a trip or focusing more on cost-effective accommodations, it’s our responsibility to provide our clients with all of the potential options available to them, so that they can have an equivalent or greater return on their investment,” said Holyoke.

Visit www.travelleaderscorp.com

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