Discounted business-class air fares out of Singapore have plummeted, according to research from American Express Business Travel.
Data for the second quarter of 2009 shows that the cost of promotional business-class fares across all airlines fell by 22 percent over the previous quarter and were down 19 per cent year-on-year.
Commenting on the results, Jonas Borglin, head of advisory services for American Express Business Travel, Japan, Asia Pacific and Australia, said: “Many businesses have put in place formal policy changes that mandate areas of travel such as increased levels of approvals before bookings and more robust economy-class policies.”
“Travel and entertainment is one of the largest discretionary expenses for businesses and is one of the first areas to be impacted during an economic downturn. However by aligning formal travel policies to the objectives of a company and working in consultation with staff, travel can become a strategic investment and drive significant revenue for businesses”, he said.
The American Express research also showed that economy class fares had fallen less dramatically. These fares were down 2 percent compared with the first quarter and 11 percent year-on-year.
For further details see, www.americanexpress.com/businesstravel