The results of a recent survey that compiles insight from over 70 corporate travel management companies (TMCs) from across Asia Pacific, revealed the latest trends in terms of regional bookings.
Sabre Corporation’s survey discloses 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%) 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% 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% 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% of respondents expect solutions that enable mobile booking capacities will become mainstream within the next two years, but only 10% believe that virtual payment solutions will gain widespread acceptance – an unfortunate conclusion, as virtual payments are a tremendous asset for corporate travel management companies looking to optimize their reporting capabilities through rich data capturing, and help to better manage revenue.
Finally, the Sabre Corporate Travel Survey also reveals that robust travel policies and better visibility of the total cost of trips are anticipated to become much more important in the next two years. Travel policy compliance remains an important cause for concern, with 76% of respondents indicating that travelers are using online consumer sites offering lower fares and rates to shop for their travel.
“The results of this survey reflect the critical role of TMCs in assuring the business success of their clients, and Sabre is pleased to supply cutting-edge technology solutions that fuel this valuable partnership,” said Todd Arthur, vice president, Sabre Travel Network, Asia Pacific. “More than ever, members of the travel industry need to work closely together to enable a smooth, relevant shopping experience for the traveler. For Sabre, collaboration with leading TMCs is enabling our ability to innovate and to continually reimagine the business of travel,” he added.
“We partner with our clients, helping them to seek new ways to maximize revenue and reduce their costs, thus achieving their business goals. Whether it’s through data-driven insights or traveler engagement tactics, together we drive change with innovative concepts and products. By working with Sabre, who enable us to have access to global content and thus contribute to our revenue management and reporting capabilities, we have become strategic partners to our clients across the region, and the globe,” said Greg O’Neil, president Asia Pacific, BCD Travel.
