Corporate travel in the Asia Pacific is on the rise as economic growth continues, according to Sabre Corporation.
Sabre’s survey of over 70 corporate travel management companies (TMCs) from across Asia Pacific shows that as economic growth continues to sweep across the region, more and more companies are expecting their corporate travel managers to contribute to their business success, asking them to look for door-to-door travel booking solutions, demanding expense integration and most importantly, to identify cost saving opportunities.
Almost seven in 10 (65 per cent) respondents admit they are asked to identify cost savings, and this cost-conscious approach is encouraging travel managers to find new ways to minimize spending. While premium economy continues to gain ground in the region, one travel manager in three has recorded an increase of close to 5 per cent in premium economy bookings over the last year.
As travel-related expenses become a central consideration for companies, the survey also reveals that downgrades, shifting reservations from business to economy class, account for close to 40 percent of their bookings. What’s more, almost one in four have identified a significant increase in their LCC share of volume.
The survey also reveals that 32 per cent of respondents expect solutions that enable mobile booking capacities will become mainstream within the next two years, but only 10 per cent believe that virtual payment solutions will gain widespread acceptance.
Travel policy compliance remains an important cause for concern, with 76 per cent of respondents indicating that travellers are using online consumer sites offering lower fares and rates to shop for their travel.
“More than ever, members of the travel industry need to work closely together to enable a smooth, relevant shopping experience for the traveller,” said Todd Arthur, vice president, Sabre Travel Network, Asia Pacific.