As travel returns, you might start feeling some airfare sticker shock.
Revenue: Business travelers spend more While leisure travelers seek out basic economy airfares for cheap Las Vegas getaways or jump on deals for trips still a year out, business travelers typically buy at the last minute and spend significantly more. Business travelers tend to book last minute “Leisure travelers tend to plan — and book — vacations farther out, but most corporate travelers book a month or closer,” says Jeremy Quek, a principal consultant for American Express Global Business Travel.
But COVID-19 forced airlines to cut many routes. Another study from American Express Global Business Travel looked at the number of routes between two airports: Boston Logan Airport and New York-LaGuardia Airport, which Quek said is a strong route for business travelers. In 2021’s second quarter, the number of flights available was 78% lower than the same period in 2019.
Business travelers will be demanding when they come back When business travel returns, it will be complicated. Employees are demanding benefits in the name of COVID-19 safety, including the ability to choose direct flights, stay in four- to five-star hotels and select premium seating, like first or business class, according to responses from a survey of 3,850 business travelers conducted in the spring by Wakefield Research for travel company SAP Concur.