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Forecasted Corporate Travel Costs for 2015
Forecasted Corporate Travel Costs for 2015
December 12, 2014
Corporate travel expenses can quickly add up, especially for companies with several frequent travelers, or small businesses with limited travel budgets. According to the 2015 Global Travel Price Outlook report released by the Global Business Travelers Association (GBTA) and Carlson Wagonlit Travel, global corporate travel spend reached $1.1 trillion in 2013 and is expected to increase by 6.9% and 8.6% in 2014 and 2015, respectively. The report forecasted U.S.-specific increases of 6.8% for 2014 and 5.9% for 2015. In 2014’s third quarter alone, the average cost of a domestic trip rose by 4% to $1,002 over 2013 Q3, according to a study by Travel Leaders Corporate. Factors in the increase include: Average hotel rate: 4% increaseAverage airline ticket: 2% increaseAverage car rental cost per day: 1% increase What to Expect in 2015 While the projected 5.9% rise in domestic business travel costs is much lower than the global 8.6%, we anticipate the increase will be in part due to a shift...

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