For Immediate Release - August 27, 2018 - Ovation Travel Group has published its Quarterly Business Travel, Financial Services Firm Travel and Law Firm Travel Indexes. The Indexes contain three years of data findings, listed quarterly with accompanying historic analysis dating back to 2009. Each index illustrates the following statistics:
- Average airfare price paid Domestically, Internationally and Overall
- Average hotel rate paid Domestically, Internationally and Overall
- Percentage breakdown of Economy, Business Class and First Class tickets
- Percentage breakdown of Domestic and International tickets
Click here to download Ovation's Q2 2018 Business Travel Indexes.
Ovation utilizes this high-level analysis to identify trends and to benchmark individual client activity against a ‘yardstick’ representing over $230 million 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.
“After a couple of quarters where prices paid had spiked, in Q2 2018 we saw business travelers paying less for their international flights across all three Indexes, and without a noticeable shift in class of service,” noted Executive Vice President, Michael Steiner about the Q2 2018 Business Travel Indexes. “We also saw an upshift in the percentage of international travel as compared to domestic. This means business travelers, including financial services firm travelers, law firm travelers and travelers from a broad range of industries, as tracked by each of the Indexes, were spending less and traveling more when it came to international travel in Q2. On the domestic front, while the average ticket prices paid didn’t vary much from Q1, we did see the average hotel room rates paid spike up to what we would consider record numbers. For example, both the cross-industry Business Travel Index and the Law Firm Business Travel Index saw average domestic hotel room rates paid hit the highest mark we’ve seen for any quarter since we began keeping these Indexes back in 2009.”
Ovation services over 700 clients, including over 250 financial services firm clients and over 200 law firms through its law firm-focused subsidiary, Lawyers Travel; data for these indexes was culled from a cross-industry-sample of clients within each of these areas.
To download Ovation's Q2 2018 Business Travel Indexes click here.