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“Our business travel clients continue to take more frequent and longer trips, demonstrating how robust the business travel market remains,” said David Holyoke, President of Travel Leaders Corporate.
Miami, FL (PRWEB) October 28, 2015
Additional traveler data indicates that hotel rates continue to rise, even as airfare and rental car rates decline.
Today, Travel Leaders Corporate– the leading name in business travel – released its business travel clients’ aggregated third quarter booking data for 2015. Business travelers continued the trend of booking their trips with less than a week’s notice, even though they could have potentially saved an average of 28% if trips were booked at least two weeks in advance. Additional business travel client data reveals the average domestic trip length rose for the fourth consecutive quarter, demonstrating the continued strength of the business travel market. Hotel rates also continued their climb, while the year-over-year base rate for airline tickets and rental cars continued to decline.
“Our business travel clients continue to take more frequent and longer trips, demonstrating how robust the business travel market remains,” said David Holyoke, President of Travel Leaders Corporate. “For the fourth quarter in a row, average domestic trip lengths continued to increase. We’re seeing a confidence among our clients of all sizes as they view business travel as vital to their growth and success.”
“Another trend we’re seeing among our clients is the continued pattern of booking air travel with little advanced notice,” Holyoke continued. “Business trips booked less than a week from the date of travel made up 27% of all airline tickets booked, even though the average ticket price was $523 in that window, compared to $373 with three weeks or more notice. Businesses are confident about their economic prospects, so flexibility is more of deciding factor than price.”
Other Key Findings:
- Hotel: While costs in some segments of the industry, such as airfare and car rentals are decreasing, hotel prices continue to increase. The base price for a domestic hotel room has risen more than 3% since last year, continuing its steady climb over the last five years.
- Airfare: Travel Leaders Corporate also recently released data on base prices for airfares in which prices continued their year-over-year pattern. Prices for domestic airfare, over the last four years, showed a spike in the second quarter followed by a dip in the second half of the year. In 2015 alone, the average cost of a domestic airline ticket fell nearly 5% between the second and third quarters and average international airfare prices fell nearly 7% - which equated to over $100 per ticket.
- Car Rental: In analyzing base rental care rates, Travel Leaders Corporate’s findings show a continued slide, dropping for the first time to under $40 per day. There was also a similar pattern to domestic airfares, in which car rental rates spiked in the second quarter of each year and then dropped off.
“For business travelers, it is very economically advantageous to be ‘on the road’ in the third quarter. With base costs for airline tickets and rental cars declining sharply after the second quarter, business travelers can stretch their travel dollars much further,” continued Holyoke. “Overall, it should be noted that even with the decline in the cost of airline tickets and rental car prices, the average trip cost continued to rise. Our client data indicated that the average trip cost was up 3% compared to last year, which is entirely driven by the increase in average hotel prices.”
For your convenience we have also created an interactive online site with more detailed information. Within this site we have extended the ability to embed the interactive data. Please follow this link, find your desired information and click the “share” button in the lower right hand corner to receive an HTML embed code that can be utilized within your publication.
For more information or to take advantage of Travel Leaders Corporate’s personalized service and cutting-edge corporate business travel solutions that provide a complete travel enrichment experience, email partnerships(at)travelleaders(dot)com or call 877-404-4173.
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Travel Leaders Corporate is part of Travel Leaders Group, which is the highest ranking American travel management company in Business Travel News’ Business Travel Survey 2015, and had sales of nearly $20 billion in 2014. Travel Leaders Corporate’s consultative approach builds a travel program around clients’ specific needs, rather than requiring them to conform to standardized processes. Unlike mega-agencies, Travel Leaders Corporate provides personalized service that can’t be matched in nameless, faceless call centers. At Travel Leaders Corporate, each client is served by a dedicated team of U.S.-based agents assigned to each account. With a reputation built on reliability and a commitment to excellence, Travel Leaders Corporate offers its clients industry-leading products and services, and continuously seeks higher levels of performance. Headquartered in Miami, FL, and with employees in more than 120 cities across the United States, Travel Leaders Corporate is a forward-thinking, innovative company with a focus on continually improving the customer experience. http://www.trvlldrs.com/