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Business Travel Travel Management

Do You Know The Most Common Business Travel Expense?

What do you think is the most common expense from business travelers? They need to get to their destination, so you might think it’s airfare or maybe a car service. They also need to sleep, so hotels would be another good guess. Would you be surprised to find that it’s actually dining expenses?

That’s right, Certify recently released a study examining more than 50 million expenses on their platform. Trying to understand how business travelers spend their money, they discovered a few insights along the way. 

Common expenses for business travelers

  • Dining is not only the most common expense, but also the expense that has increased the highest in the last three years. The average meal is now $5 more than it was in 2016.
  • Within those dining expenses, Starbucks remained the most popular vendor in 2018. Not really a surprise to fellow business travelers, right? It represented 23.4% of all dining expenses.
  • Hotels and fuel have also increased in the last few years. Hotels are on average $50 more expensive.
  • Airfares and ride hailing services have declined in price. (Thanks Uber and Lyft!) Airfares are about $40 less on average.

What does this mean for your business travelers:

  • Travelers are now accustomed to convenience and getting exactly what they want, when they want it. Having a travel program with this flexibility will keep your travelers more comfortable in the long run. If you don’t it’s time to start thinking of ways to include this in your travel policy and program.
  • Understand that costs overall have increased for the travel industry. Yes, flights have decreased and the sharing economy has also helped changed the game. But overall, travel is increasing and is expected to continue that way. Though obviously one of your main objectives is to keep costs low, try to be fair to your business travelers and their needs. They shouldn’t get the short end of the stick because fuel is more expensive.
  • Understand which expenses are most important to your travelers.  See if there is a way to provide that service within the travel policy at a better price point. Negotiate with vendors if possible and don’t be afraid to get creative.
Categories
Business Travel

Most Expensive Cities for Business Travel

New York City topped the list of most expensive US city for business travel.

As we wind up the third quarter and head into the fourth, many companies are beginning to plan their final business trips, conferences, and meetings of the year. But have you thought about which cities are the most expensive for doing business?

Skift, a travel news website, recently published an article on the 10 Most Expensive Cities for Business Travel. Using data from Concur’s annual “Expense IQ Report,” Skift reported that Brisbane, Australia was the most expensive international city for business travel, while New York City topped the list for domestic cities.

If you have the luxury of choosing the location of your meeting or business trip, you may want to consider those cities with high costs. By selecting a city with lower costs you may increase in-person attendance at your meeting and save your bottom line a lot of money. You might also get better hotel options and services.

 

 

Categories
Business Travel Travel Management Travel Technology

3 Key Strategies of Best-in-Class Business Travel Management Programs

Travel Market Report’s business travel editor, Fred Gebhart, recently wrote about a report published by the market research firm Aberdeen Groupon called “Travel and Expense Management.”  The report concluded that business travel expenses account for 8% to 12% of an organization’s overall expense budget.

The report also emphasized the need for organizations to focus more on strategic management of travel and not just cost efficiency, and identified three key strategies common to best-in-class travel management programs:

  1. Support travel management with analytics, integration, and mobility
  2. Use mobile apps and portals to put expense management directly in the hands of travelers
  3. Leverage analytics and integration to drive transparency into travel processes and spend to improve corporate budgeting, planning, and forecasting

As a travel management company, Christopherson Business Travel works hard to help you meet those objectives. In fact, Christopherson has already helped countless organizations across the country save money by reducing their travel spend and more efficiently managing their travel programs. The redesign of AirPortal®, our integrated business travel technology platform, and the creation of AirPortal 360™, our travel manager dashboard, allows us to respond to your corporate travel needs.

For additional details about how we can support your travel programs with analytics, integration, and mobility, contact one of our Christopherson Business Travel’s development executives or account managers.