For Immediate Release – April 11, Corporate Travel Index 2019 – Ovation Travel Group, one of the biggest independently possessed travel the management companies in the U.S., has published its Annual Business Travel Index, giving a snapshot of the previous 5 years of Multi-Industry, Financial Services Firm Industry and Law Firm Industry Business Travel normal costs paid for air and hotel just 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.
See here Corporate Travel Index 2019 Ovation’s Annual Business Travel Index given below.
The Annual Index contains the following statistics:
Average airfare prices paid Domestically and Internationally
Average hotel rates paid Domestically and Internationally
Rate breakdown of Economy, Business Class and Percentage of First Class tickets
Percentage breakdown of Domestic and International tickets
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.
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
Rate breakdown of Economy, Business Class and Percentage of 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 more than 700 customers, including more than 250 financial services firm customers and more than 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.