ARC, Egencia Study Gives Insight into Value of Advance Purchase
ARLINGTON, Va.--(BUSINESS WIRE)--Aug 6, 2018--Airlines Reporting Corp. (ARC) in collaboration with Egencia ®, the leading full-service digital travel management company, today released new analysis that reveals how much money a company can save by implementing an advance purchase policy for air travel. The analysis, which is based on analysis of ARC’s database of more than 2,000 U.S. and 4,000 EU travel management companies, may also help business travelers understand how to arrange travel and stay within policy.
“Saving by planning travel farther out is not new news, but this study gives much deeper insight into the amount of savings that is available,” said Chuck Thackston, ARC managing director of data science and research. “This is vital information for travel managers trying to balance the needs of travelers with the need to get the most for their travel spend.”
The average ticket price for U.S. domestic economy flights was $454 with a 22-day advance purchase versus $541 if booked 8-14 days before departure. Travelers who wait until three days before departure paid an average of $733, or 61% more than the 22-day advance ticket.
Travelers who booked 22 days in advance for U.S. domestic premium airfare paid an average of $1,260 compared to $1,486 if booked 8-14 days before departure. The average ticket price for domestic premium booked three days before departure was $1,703, a 37 percent increase compared to the 22-day advanced purchase.
For premium travel from the U.S. to Asia, the average ticket price 22 days before departure was $6,494 compared to $6,944 if booked 8-14 days before departure. Tickets purchased three days prior to departure were an average of 15 percent more than the 22-day fare.
“Businesses of all sizes can benefit from working with a travel management company, putting an advance purchase policy in place, and using the right tools to enforce the policy at the time of booking,” Tristan Smith, Egencia brand vice president of global transport supply. “ Egencia data shows that the probability of someone booking a U.S. domestic flight within 7 days of the departure date is more than 15% lower if there is an advance purchase policy in place. For international travel, the likelihood is nearly 20% lower.”
More information is available online.
An industry leader in air travel distribution and intelligence, ARC settled $88.5 billion in ticket transactions in 2017 between airlines and travel agencies, representing more than 265 million passenger trips. ARC also provides flexible distribution solutions, innovative technology and access to the world’s most comprehensive air ticket transaction data, helping the global air travel community connect, grow and thrive. For more information, please visit www.arccorp.com and www.twitter.com/arctalk. Have you registered for TravelConnect? October 11-12, 2018 | National Harbor, Md., www.arctravelconnect.com. #TravelConnect2018
Egencia makes every business trip count for travelers and travel managers. The digital travel management company’s industry-leading technology platform simplifies the process of planning, booking and managing business travel. Relying on timely, data-driven insights from Egencia, businesses stay one step ahead by making choices that align with traveler preference and corporate policy. A dedicated team of travel consultants is ready to assist every step of the way, whenever and wherever needed. Egencia serves small, mid-cap and multi-national companies in more than 65 countries. To connect with Egencia, visit www.egencia.com or follow us on Twitter or LinkedIn. You can also follow along on our blog.
©2018 Airlines Reporting Corporation (ARC). All rights reserved.
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CONTACT: Airlines Reporting Corp. (ARC)
Hillary Smith, 703-341-1207
Suong Nguyen, 425-688-2287
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA VIRGINIA
INDUSTRY KEYWORD: TRANSPORT AIR OTHER TRANSPORT TRAVEL TRANSPORTATION OTHER TRAVEL
SOURCE: Airlines Reporting Corp. (ARC)
Copyright Business Wire 2018.
PUB: 08/06/2018 09:30 AM/DISC: 08/06/2018 09:30 AM