Ovation Travel Group Releases 2019 Annual Business Travel Index

NEW YORK, April 15, 2019 /PRNewswire-PRWeb/ -- Ovation Travel Group, one of the largest independently owned travel management companies in the U.S., has published its Annual Business Travel Index, providing a snapshot of the past 5 years' worth of Multi-Industry, Financial Services Firm Industry and Law Firm Industry Business Travel average prices paid for air and hotel as well as domestic and international travel patterns. The Index also includes a year-over-year analysis of "Negotiated Hotel Room Rates by City" which takes a city-by-city look at negotiated hotel room rates in the top hotel markets for Ovation's proprietary Preferred Hotel Partners Program showing either average percentage increase or decrease in a city's negotiated room rates, year-over-year for 2019 and 2018, as compared to each preceding year.

Visit https://www.ovationtravel.com/lp-2019-annual-business-travel-index to download Ovation's 2019 Annual Business Travel Index.

The Annual Index contains 5 years of data findings, charted quarterly, illustrating the following statistics:

• Average airfare price paid Domestically and Internationally
• Average hotel rate paid Domestically and Internationally
• Percentage breakdown of Economy, Business Class and First Class tickets
• Percentage breakdown of Domestic and International tickets
• Percentage year-over-year increase/decrease for negotiated hotel room rates in top hotel markets Domestically and Internationally

Ovation utilizes this high-level analysis to identify quarterly and annual trends and to benchmark individual client activity against a 'yardstick' representing over $260 million (Multi-Industry-Mix Business Travel Index), $65 million (Financial Services Firm Business Travel Index) and $220 million (Law Firm Business Travel Index) in annual air and hotel spend. The data serves as a resource in determining opportunities for strengthening clients' travel programs in such areas as travel policy adjustment, service enhancements and supplier negotiations.

"The average air fare prices paid were up in 2018, both domestically and internationally, across all three Indexes, despite the fact that travelers were booking a bit less First Class, a bit more Business Class and about the same amount of Economy Class last year as compared to 2017," noted Executive Vice President, Michael Steiner. "While domestic average air fares paid increased about 10% in 2018, on the international side the increase was smaller, about 5%. On the hotel side, we also saw average prices paid were up last year, both domestically and internationally. Finally, with the "Negotiated Hotel Room Rates by City" analysis, we can point to top hotel markets and their average negotiated room rate increase/decrease year over year. For example, the city with the greatest average negotiated hotel rate increase in 2019 compared to 2018 is Tokyo, with an average increase of 7.61%. Beijing is the city with the greatest average negotiated hotel rate decrease for the second consecutive year, down 3.5% on average in 2019 as compared to 2018."

Ovation serves over 700 clients, including over 250 financial services firm clients and over 200 law firms through its law firm-focused sister company, Lawyers Travel. Data for these indexes was culled from a cross-industry-sample of clients within each of these areas.

To download Ovation's 2019 Annual Business Travel Index visit https://www.ovationtravel.com/lp-2019-annual-business-travel-index.

SOURCE Ovation Travel Group, Inc.