For the second quarter of 2008, the American Express Business Travel Monitor confirmed that high fuel prices, which led many airlines to make capacity reductions and tighten ticketing restrictions, increased the average airfare paid, motivating companies to strengthen policy compliance strategies when managing travel and entertainment spending.
The second quarter of 2008 marked a seven-year high in the average airfare paid by business travelers. Oil prices, capacity constraints and ticketing restrictions drove up airfare 10 percent year-over-year. The average one-way airfare paid was $260, up $24 from the same period last year. Compared to the first quarter of 2008, the fare was up $27, an increase of 12 percent.
The average international one-way airfare paid during the second quarter of 2008 set a new record, at its highest level since the inception of the Business Travel Monitor in 1999. With an 11 percent increase in the second quarter of 2008, over the same period in 2007, international airfares reached nearly $2,000, with a final average of $1,980.
American Express Business Travel distributes data through various services and tools, including the Business Travel Monitor and the annual Global Business Travel Forecast, to offer clients a better understanding of pricing trends and the existing opportunities for gaining better control over their travel and entertainment budgets.