Rocketrip 2016 Business Travel Spend Report
Rocketrip has analyzed expense data from thousands of business trips to produce a view of how business travelers spent on flights, hotels, trains, and rental cars in the past year.
Who - The data set provides a unique view into the spending habits of business travelers, who account for a fifth of travel volume, but a third of overall travel spending. That disproportionately high spending is explained by the fact that business travelers are relatively price insensitive. Rocketrip focused on the spending patterns of U.S. business travelers: most trips were domestic, with some international trips included to provide a point of comparison.
Method - Rocketrip is a tech platform that reduces clients’ travel costs by giving business travelers trip budgets and incentivizing them to spend less. Rocketrip’s analysis of spending in 2016 shows business travelers’ actual purchase decisions in the context of market prices, availability, and the spending guidelines outlined in their company’s travel policies. Each traveler received a custom budget based on an algorithmic prediction of what a given itinerary should cost. If the traveler spent less than the budget, he or she kept half of the savings.