Business Travel Expenses Going Downward

Firms in all industries are working hard to keep costs related to business travel to a minimum and a recent report suggests that they are succeeding. Travel Leaders Corporate, Travel Agent Central reported that the average cost of an international business trip reached a four-year low during 2013. However, the costs are still significant; the average cost of an international trip during 2013 was $2,461. That's down from the 2012 average of $2,508, but still represents a hefty chunk of change for the budget of any organization.

David Holyoke, president of Travel Leaders Corporate, attributed the decrease to an increase in the number of travelers booking their business trips more than two weeks ahead of their departures. "In 2013, we saw a 10 percent increase with business travelers booking airfares in the 14-20 day range. During the same period, the number of transactions where the client booked more than 21 days out decreased by 11 percent," Holyoke told the news outlet. "Business travelers are cognizant of the cost incurred when changing an airline ticket, which in some cases can be as much as $200.

Through the work of our account managers and analysts, we are able to monitor actionable data and work closely with our clients to reduce the amount of change fees, ensuring that their trip is as cost efficient as possible."

There are a number of other ways - in addition to the ticket-related charges cited by Holyoke - that businesses can keep their travel and expenses down. For instance, by instituting automated expense reporting, organizations can get a better handle on the spending trends exhibited by their employees during business trips. In addition to mitigating the expense report process, these software programs can offer valuable insights that can be incorporated into future budgeting strategies.

Some business travelers are even finding themselves eating at fast food restaurants in an effort to keep their meal costs down. The latest Certify SpendSmart report found that Chick-fil-A was among the highest-rated food service locations among travelers, and that Starbucks was among the most often visited.