New T&E pricing benchmarks for today’s business travel
Granted, business travel has yet to return to pre-pandemic levels. But you still want to ensure employees are spending smart. A new report by TripAction offers pricing benchmarks to help you see if your expense report totals are in line.
The Summer Business Travel Recovery Report compares June 2020 pricing info with June 2021 numbers.
You’ll want to share this data with Accounts Payable as they process expense reports.
And — spoiler alert — prices have jumped significantly.
Pricing benchmark 1: Accommodations
No matter how folks get there they likely have to stay somewhere on their business trip. So accommodation totals are important.
The median booking price before fees:
- $401 in June 2021, vs.
- $263 in June 2020.
Pricing benchmark 2: Flights
More folks have been willing to take to the skies in recent months. And that demand translates into higher fares.
Again, the median price before fees:
- $450 in June 2021, vs.
- $402 in June 2020.
Pricing benchmark 3: Car rentals
The car rental shortage isn’t over yet! And you’re going to feel it on those bills.
The median pre-fee price:
- $253 in June 2021, vs.
- $191 in June 2020.
Timing is everything!
Your road warriors do have some control over these numbers.
For example, you know when it comes to business travel, the earlier the better.
So just how far in advance are your peers’ road warriors locking in?
The current average booking lead time sits at eight days, says TripActions.
To orient you, that’s still tighter than the usual pre-COVID average of 12 days, but exponentially better than at the height of the pandemic where it sat at just one day.
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