Airfares Soar High September 15, 2008 Airfares skyrocket, according to the latest American Express Business Travel Monitor
By Leo Jakobson
Between high fuel prices and reduced capacity, the price companies are paying to fly employees around the country and the world increased substantially this spring, according to new research.
Domestic airfares paid by business travelers skyrocketed to the highest level seen in seven years, according to American Express Business Travel Monitor. The news is even worse when it comes to international fares: The average price rose to its highest level in the report's 10-year history.
Domestic tickets rose from an average of $236 in the second quarter of 2007 to $260 in the same period this year. International flights increase from $1,788 in Q2 2007 to $1,980 in Q2 2008, up 11 percent.
Predictably, companies began stepping up efforts to ensure as many tickets as possible were purchased far enough in advance to take advantage of discounts. One trend the report picked up on that may have an appreciable impact on high-end incentive travel programs to faraway international destinations is a cut in the number of business class tickets purchased. For the first time since 2004, business class fares make up less than half of the international tickets purchased.
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