Summary
- Booking flights 8 to 14 days in advance can save up to 20% on airfares.
- Opting for slightly off-peak flight departures can lead to more affordable fares.
- Flights scheduled for weekdays, particularly Mondays, Tuesdays, and Wednesdays, are approximately 12% cheaper on average.
The business travel landscape is undergoing a significant transformation, with projections indicating a substantial increase of some 188% over the next five years. Correspondingly, the costs associated with such travel are expected to surge.
In response to these shifting trends, an expert in business travel, Bertrand Saillet, Managing Director of FCM Asia, offered Simple Flying a set of eight tips to help empower businesses to manage their travel expenses over the coming years more effectively. Saillet emphasizes that crafting cost-effective travel management plans is a central focus of FCM Asia's services.
“As travel experts, we know the tricks of the trade to secure the most convenient, cost-effective travel options for corporates that travel regularly. Here are some money-saving hacks that have been tried and tested by business travellers over the years.”
Beyond simple cost savings tips, like avoiding hidden fees, the strategies proposed by Saillet encompass a comprehensive approach to cost reduction and value maximization in business travel.
1 Early booking yields savings
The data compiled by FCM Asia demonstrates that reserving flights 8 to 14 days before departure can result in potential savings of up to 20% on airfares. Airlines often release budget-friendly seats during this window to ensure optimal flight occupancy.
Since business meetings are often scheduled a week or two in advance, this strategy can align nicely with corporate travel needs.
2 Strategic flight times
Opting for flight departures at quarter-hour or half-hour intervals can lead to more budget-friendly fares. FCM Asia endorses this approach, attributing its success to supply and demand dynamics. Flights departing on the hour are generally more expensive due to higher booking frequency. By selecting slightly off-peak departure times, travel coordinators can secure less congested and more affordable options.
3 Weekday flight advantage
Data from Google Flights indicates that flights scheduled for Mondays, Tuesdays, or Wednesdays are approximately 12% cheaper on average than weekend flights. This strategy proves particularly helpful for those who can arrange early-week meetings.
While late-week flights might be pricier, they can offer the bonus of extending a weekend stay at the destination.
4 Strategic rewards programs
FCM Asia advises businesses to focus on a select few major rewards programs instead of spreading efforts across numerous options. Achieving gold or platinum status within these programs bestows benefits like priority seating, extra baggage allowances, and access to business lounges. Many such programs allow travelers to accumulate and redeem points across extensive alliance partner networks.
5 Regular supplier negotiations
Instead of adhering to a static travel policy, Saillet suggests renegotiating terms and prices with travel suppliers at least every two years. This is especially true post-pandemic, as many policies have remained unchanged since 2019, and, of course, much has changed since then.
Negotiating with providers, including hotels and car rental companies, can help reduce your business's travel budget. Exploring value-driven providers might also yield positive results, aligning your policy with evolving travel patterns.
6 The 'Five-Block Rule' for accommodations
To cut costs in city bookings, Saillet recommends avoiding accommodations and dining options within five blocks of the central business district (CBD).
When seeking alternatives, prioritize areas with robust public transportation and convenient access to the CBD.
7 Strategic trip bundling
Many businesses are adjusting their travel frequency and duration in response to post-pandemic changes. Instead of many single-day trips, more organizations are consolidating meetings into two- or three-day trips. This approach, occasionally followed by leisure time, allows for efficient use of travel resources while accommodating shifting travel trends.
8 Value-added programs and newsletters
Saillet also suggests selectively subscribing to hotel and airline e-newsletters to access exclusive sales and discount codes. These subscriber-only platforms provide opportunities for potential savings.
What other tips would you share to help business travelers (or the rest of us) save on travel expenses? How might these tips look different than they would pre-pandemic? Let us know in the comments below.