Now in its 17th quarter, the Certify SpendSmart™ Report for Q1 2017 is available with the latest insight into key spending trends for clients, financial professionals and suppliers to the T&E market. In addition to the top expense spending across major categories like meals, lodging, car rental and airlines, the Quarterly SpendSmart™ Report also sheds light on the emerging trends of the ride-hailing industry and what it means for today's business traveler.
The biggest news for the quarter lends itself to Uber's slowing growth of popularity among business travelers. Uber's growth in Q1 2017 was the slowest on record with Certify, gaining just 1% compared to 2% for Lyft. And while Uber still dominates the ride-hailing category, data and user reviews suggest that recent media controversies might be to blame for Uber's slower growth. Ride-hailing provider, Lyft, might be a distant second-place competitor, accounting for 6% of business traveler expenses, but is quickly gaining ground on Uber. For more data and analysis on the ground transportation and ride-hailing trends, check out the full SpendSmart™ Business travel ground transportation report
“Today's business travelers and consumers are looking for the total package,” said Robert Neveu, CEO, Certify. “While convenience and affordability helped propel Uber to the top of the corporate traveler's preferred vendor list, the latest SpendSmart™ data shows how leaders in every category can just as quickly find themselves vulnerable to broader trends and growth among the competition. It's important to note that ride-hailing is still in its early days as an industry, one Uber essentially invented, so there's sure to be much more change and excitement ahead.”
Additionally, consistent with Certify's prediction in the 2016 Annual SpendSmart™ Report, homestay network, Airbnb is on pace to double its growth over the previous year. Showing a staggering 286% increase in business traveler expenses and receipts since Q1 2016, Airbnb is quickly becoming a popular choice for business travel accommodation.
The Certify SpendSmart™ report highlights top vendors and emerging business expense trends, by analyzing millions of receipts and expense transactions. Compiled each quarter, these reports are valuable tools to controllers, accountants and administrators at large, in setting the budget, and making informed decisions about company T&E expense spending.
Be sure to check out all the latest data, user ratings and reviews from the Q1 2017 SpendSmart™ Report, here