2017 Annual Business Travel Index
Ovation has published its Annual Business Travel Index. The US report provides a snapshot of the past 5 years’ worth of Financial Services Firm Industry, Law Firm Industry and Multi-Industry-Mix Business Travel average prices paid for air and hotel as well as domestic and international travel patterns.
Ovation utilizes this high-level analysis to identify quarterly and annual trends and to benchmark individual client activity against a ‘yardstick’ representing over $230 million (Multi-Industry-Mix Business Travel Index), $50 million (Financial Services Firm Business Travel Index) and $180 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.
Executive Vice President, Michael Steiner says, “In 2016 we saw the average prices paid for both domestic and international flights remain near or below 2015 average prices paid across all three Indexes. Probably more notable is the fact that 2016 rates, specifically in the domestic market, were consistently below average airfare rates paid in 2012, 2013 and 2015; this is true for every quarter of the year and regardless of industry.
It will be interesting to see if these relatively lower prices we’ve seen in 2015 and 2016 for airfares will extend into 2017 and beyond. On the hotel side, the domestic average hotel rate paid has increased pretty steadily, year over year, since 2012. Internationally we’ve seen the average hotel rate paid decreasing since 2013.”
Ovation services over 700 clients, including over 225 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.
Last year, we saw domestic hotel rates paid increasing over previous year averages, international hotel rates decreasing and average prices paid for both domestic and international flights near or below the previous year’s numbers.
- Average airfare prices paid Domestically and Internationally
- Average hotel rates paid Domestically and Internationally
- Percentage breakdown of Economy, Business Class and First Class tickets
- Percentage breakdown of Domestic and International tickets
If you’re interested, you can download HERE.