Railway and Airfare spending record highest rise by Indian businesses globally
ETW STAFF – Mumbai
Concur, a global leader in providing integrated cloud-based travel and expense management services released its third annual global report on corporate travel and entertainment (T&E) spend. The report analyses more than US$ 50 billion in corporate T&E spend. Leveraging expense data generated by its more than 18,000 corporate clients, this report provides businesses and travel managers with unique insight to help inform their travel and expense programs, enabling organisations to make more informed decisions.
The spend data was analysed for nine nations worldwide, including the United States, United Kingdom, Canada, France, Germany, Hong Kong, Japan, Australia and India. To augment the analysis, Concur asked IDC, the premier global market intelligence firm, to give additional insight on the data. Their insights provide important context for the numbers, to give an even more complete picture of the global T&E environment.
India’s data threw up some interesting facts based on the analysis. The rupee declined 12.4 per cent against the dollar from 2011 to 2012. Accounting for this change in exchange rates, we can see that India saw an 18 per cent increase in the average airfare transaction, which is the highest recorded increase globally. Rail costs also increased greatly – nearly 58 per cent, which is the highest recorded increase across the US, UK, Canada, France, Germany, Hong Kong, Japan and Australia. Surprisingly, the average gas transaction declined 4.2 per cent suggesting that rising fuel costs were not the only factor behind the higher airfare and rail amounts.
