Ovation’s Q1 Benchmarks Demonstrate Differences in Travel Sectors

First quarter 2010 Business Travel Index has been released, showcasing average costs by business types.

Ovation Travel Group has released its first quarter 2010 Business Travel Indexes, showing the average costs of travel in three business sectors: financial services, corporations and law firms. The indexes show legal firms saving the most on average airfare – at $738 – while corporate travelers go the best deal on room rates – and average of $237. Financial services firms spent the most in both categories: an average of $1,297 for individual airfares and $291 for a night at a hotel.

But the financiers also did the most international travel, thus boosting their airfare bills. While 17.3 percent of their trips were international, law firm personnel went abroad only 9.8 percent of the time. Corporate travelers were in the middle, with 12 percent of their tickets purchased for international flights. Similarly, financiers traveled first class 25.4 percent of the time; lawyers, 7.2 percent; and corporate, 7.4 percent.

Ovation’s Business Travel Indexes were launched at the close of 2009 and are being updated quarterly. Each report will compare the past eight quarters’ travel patterns for each group, in four dimensions: average airfare price; average hotel rate; percentage first, business and economy class tickets; and percentage domestic vs. international tickets. Ovation draws the data from cross-industry samples of its clients. In the corporate sector, the sample represents more than $100,000,000 in annual air spend; financial services, more than $50,000,000; and in law firms, more than $70,000. The Law Firm Business Travel Index is derived from data supplied by The Lawyers’ Travel Service, a division of the Ovation Travel Group.

Story originally published in http://www.businesstravelnews.com/