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Business travel costs rising
American Express says corporate travel clients are paying higher hotel and car rental rates on average.
And though domestic airfares declined further versus mid-2004 levels, they also have been on the rise since the beginning of this year. International airfares are also costing more.
Amex says the average fare paid among the company’s corporate clients in the second quarter was $218 one-way. That was 7% below comparable 2004 measurements, but 8% above the first-quarter average fare.
“Despite the widespread price restructuring earlier this year that decreased airfares, fares continue to rise as more people fly and discounts become less available,” said Andy McGraw, senior vice president and general manager of American Express Business Travel North America. He added:
“Furthermore, upward pricing pressures remain as the cost of oil continues its rise. Fares will likely climb in the coming months.
Amex also reported higher average booked hotel rates, for both domestic and international travel. In the domestic market, the average rate rose $7 from one year earlier to $135, while international rates averaged $214, up $19.
Report by David Wilkening
David
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