Trends in business travel bookings in Asia-Pacific
The results of a recent survey that compiles information from more than 70 business travel management companies (TMCs) across the Asia-Pacific region, revealed the latest trends in regional bookings.
Saber Corporation’s investigation reveals that As economic growth continues to sweep through the region, more and more companies expect their business travel managers to contribute to the success of their business, asking them to watch for door-to-door travel booking solutions, requiring expense integration and, above all, of identify opportunities for cost reduction.
Almost seven in ten respondents (65%) admit that they were asked to identify cost savings, and this cost-conscious approach encourages travel managers to find new ways to minimize expenses. While Best quality economy continues to gain ground in the region, one in three travel managers recorded a nearly 5% increase in premium economy class bookings over the past year. As travel-related expenses become a central consideration for businesses, the survey also reveals that downgrades – transfer of bookings from business class to economy class – represent almost 40% of their bookings. In addition, nearly one in four identified a increase in their share of LCC volume.
The survey also reveals that 32% of respondents expect solutions that enable mobile booking capabilities will become mainstream over the next two years, but only 10% believe that virtual payment solutions will be widely accepted – an unfortunate conclusion, because virtual payments are a tremendous asset for business travel management companies looking to optimize their reporting capabilities through rich data capture and help better manage revenue.
Finally, the Saber business travel survey also reveals that robust travel policies and better visibility on the total cost of travel are expected to become much larger over the next two years. Travel policy compliance remains a major cause for concern, with 76% of respondents indicating that travelers use online shopping sites offering lower and lower fares to shop for their trip.
“The results of this survey reflect the critical role TMCs in the business success of their customers, and Saber is excited to provide cutting-edge technology solutions that fuel this valuable partnership,” said Todd Arthur, vice president of Saber Travel Network , Asia Pacific. âMore than ever, members of the travel industry must work closely together to enable a smooth and relevant shopping experience for the traveler. For Saber, working with leading TMCs enables our ability to continually innovate and reinvent the travel business, âhe added.
âWe work in partnership with our customers, helping them find new ways to maximize their revenues and reduce their costs, thereby achieving their business goals. Whether through data-driven insights or traveler engagement tactics, together we are driving change with innovative concepts and products. By working with Saber, which allows us to access global content and thereby contribute to our revenue management and reporting capabilities, we have become strategic partners for our clients across the region and the world, âa said Greg O’Neil, President Asia Pacific, BCD Travel.