Travel Leaders Corporate's data reveals that when compared to the year prior, in 2014, the number of its clients booking their airfare 0-6 days in advance increased 2%, while the number of clients booking 7-13 days in advance increased 1%, and those who booked 14-20 days in advance decreased 1%.
MIAMI – Travel Leaders Corporate – released its clients’ fourth quarter booking data for 2014. The newly-released data indicates that business travelers who booked their domestic airline ticket 7-13 days in advance saved 9% on average, while those who booked 14-20 days in advance saved 24% on average compared to those who booked less than seven days prior to departure. As part of its findings, Travel Leaders Corporate released data and trend information for the past five consecutive years as it pertains to air, car, and hotel bookings for business travelers. Travel Leaders Corporate is a division of Travel Leaders Group – the number one ranked Travel Management Company for six straight years according to Business Travel News – with approximately $20 billion in sales.
“We relentlessly focus our efforts on uncovering cost savings opportunities for our clients by analyzing their purchasing behavior patterns. Travel Leaders Corporate’s recent data indicates that purchasing a domestic airline ticket 14-20 days in advance provides corporate travelers the opportunity to save up to 24%,” stated Travel Leaders Corporate President David Holyoke. “While we encourage our clients to book their tickets early, it’s also important to weigh certain business drivers that could impact their travel arrangements in order to avoid change fees. Looking back historically, in 2012 and 2013, the largest cost savings opportunity for a domestic airline ticket was seen in the 7-13 day advance purchasing window. We didn’t see the largest percentage of cost savings jump to the 14-20 day advance purchasing window until the first quarter of 2014, where that trend has since continued.”
Travel Leaders Corporate’s data also reveals that when compared to the year prior, in 2014, the number of its clients booking their airfare 0-6 days in advance increased 2%, while the number of clients booking 7-13 days in advance increased 1%, and those who booked 14-20 days in advance decreased 1%. In addition, in 2014, 73% of all airline reservations were booked seven or more days in advance, and 47% of tickets were booked 14 days or more prior to departure.
Travel Leaders Corporate’s data also indicates that the average cost of international and domestic trips last year – including combined air, car and hotel – reached a five-year high. The average international trip cost in 2014 was $2,525 as compared to $2,461 the year prior, and the average domestic trip cost in 2014 was $990 as compared to $956 the year prior.
|
International Average Total Trip Cost |
Domestic Average Total Trip Cost |
|
|
2010 |
$2,499 |
$877 |
|
2011 |
$2,496 |
$903 |
|
2012 |
$2,508 |
$949 |
|
2013 |
$2,461 |
$956 |
|
2014 |
$2,525 |
$990 |
When comparing trending information for the five consecutive years, as it pertains to costs for air, car, and hotel bookings for international and domestic business travelers, Travel Leaders Corporate’s data showed the following:
|
International Year-Over-Year Variance |
Air |
Car |
Hotel |
|
2011 |
-1% |
12% |
9% |
|
2012 |
0% |
-18% |
0% |
|
2013 |
-1% |
5% |
-3% |
|
2014 |
1% |
-7% |
4% |
|
5 year Variance |
0% |
-10% |
11% |
|
Domestic Year-Over-Year Variance |
Air |
Car |
Hotel |
|
2011 |
7% |
0% |
5% |
|
2012 |
5% |
-4% |
0% |
|
2013 |
2% |
-2% |
2% |
|
2014 |
2% |
0% |
10% |
|
5 year Variance |
19% |
-6% |
19% |
“Travel Leaders Corporate’s success is based on focusing on our clients’ end goals while providing the greatest return on investment with their company’s travel spend. In addition to making certain our business travelers needs are taken care of, we are using smart data and in-depth consultation with our travel managers to offer an innovative vision for the entire business travel experience,” continued Holyoke.
When breaking down the various components of a business traveler’s trip, Travel Leaders Corporate’s data indicates that:
- The average cost of an international airline ticket increased nearly 4% in the fourth quarter of 2014 as compared to the fourth quarter of 2013. The average cost of a domestic airline ticket decreased nearly 1% during the same time period.
- The average cost per day of an international car rental decreased roughly 25% in the fourth quarter of 2014 as compared to the fourth quarter of 2013, while the average cost per day of a domestic car rental was down less than 1% during the same time period.
- The average cost per night of an international hotel room increased about 4% when comparing the fourth quarter of 2014 to the fourth quarter of 2013. The average cost per night of a domestic hotel room increased nearly 2% during the same time period.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
