Sources: Conde Nast Traveler & Certify, Inc.
Business travelers who are traveling for a few days at a time for international meetings are expected to spend a whopping $318.9 billion in 2016. The question is, what expenses are all these business travelers using their company cards on? Following in the average millennial's footsteps, the modern business traveler is spending more and more money on Uber and Airbnb.
Uber > Rental Cars
According to Certify, in late 2015, Uber became the most used ground transportation for business travelers. It was determined that 41% of business travelers order an Uber rather than renting a car or taking a cab. Lyft is right there with Uber, becoming more and more popular among travelers.
Airbnb
Airbnb, a company travelers use to connect with hosts, is surprisingly making it’s way into the business traveler’s budget. 10% of Airbnb’s homes are used by those traveling on business. Although Airbnb is becoming more and more popular among business travelers, it has not yet exceeded the amount spend on hotels. Marriot topped the list of lodging among business travelers.
What Do Companies Spend On An Average Trip?
Domestic: $949 per person
International: $2,600 per person
Average Cost of Coach Airfare
Domestic: $470
International: $1,217
Average Cost of a Hotel:
Domestic: $155
International: $275
Average Amount Spent on Business Travel Expenses:
Meals: $28.34
Office Supplies: 98.30
Car: $182.61
Taxi: $51.70
Parking: $32.66
Gas: $74.26
Shipping: $34.86
Cell Phone: $68.52
Tolls: $49.06
How Companies Spend Their Business Travel Budget:
Meals: 21%
Flight: 17%
Misc: 17%
Hotel: 13%
Gas: 11%
Car: 5%
Cell Phone: 5%
Taxi: 3%
Supplies: 3%
Shipping: 2%
Tolls: 2%
Parking: 1%
So, what's the point of all these dollars being spend on business travel? The investment certainly pays off for the company. For every dollar spent on business travel, companies see a $2.90 increase in profit and a $9.50 increase in revenue.
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