Maximise Your Business Travel Budget With Fare Forecasting

It pays to switch travel days with Corporate Travel Management’s (CTM’s) exclusive fare forecasting technology.

Navigating the dynamic landscape of airfares can be challenging for any Travel Manager. According to a GBTA travel industry outlook poll, 74% of respondents say the rising cost of travel will be the most significant challenge this year, but despite the challenge predicted, 59% still expect their company will take more business trips in 2024 than they did last year. 

No matter the market conditions or economic impacts there is still a simple way to ensure corporate budgets are keeping pace with business needs and delivering the best return on your travel investment.

Enter CTM Fare Forecaster: the ultimate superpower in your cost-saving game plan, designed to encourage improved booking behaviour that delivers big savings.

How does CTM's Fare Forecasting tool work?

CTM’s Fare Forecaster feature is a proprietary development and is available in all regional markets we serve. Fare Forecaster displays the cheapest fares available across 7-days, including your corporate airline deals, so you know you’re seeing all the options that matter. By maintaining an agile approach to our technology development, we can continually add new content sources to make Fare Forecaster even more helpful in deciding when to travel.

Fare Forecaster is built into the CTM Portal alongside a wide range of travel tools, so you and your travellers have instant access to easily search for the best time and day to travel. Thanks to Fare Forecaster, travellers and travel bookers no longer need multiple search windows open on their company booking tool, saving them time when booking for themselves or on behalf of others.

Where travel budgets are under scrutiny, savvy Travel Managers can still uncover avenues for savings with strategic booking choices. By making simple adjustments to travel patterns, substantial dividends can be reaped for the company’s bottom line.

That’s where CTM’s Fare Forecasting technology can help. Simply enter your travel criteria to view the cheapest time to travel across surrounding days, within a single search.

Where can I save money?

Using CTM’s Fare Forecaster feature, we analysed* routes across the US, Europe, Australia & New Zealand and Asia. CTM found that shifting an itinerary by just 24-48 hours could save business travellers on average upwards of 18%, and in some cases up to 69%, on their flight price. While not every trip can be moved to a different day, the savings on offer mean that even if a minority of travellers switch their travel dates by just one or two days, the savings to an organisation’s travel budget will still have a positive impact.

An example, we found that it was possible to save between 13% – 28% on flights from Hong Kong – London (LHR) and 14% – 41% on flights from Singapore to Hong Kong for travel dates across August through to October 2024.

 

What is the best day of the week to travel?

There is no one ‘best’ day of the week to travel as airfares will fluctuate based on carrier, routes, schedules, capacity, and availability. Historical travel patterns have changed in recent years with the change to hybrid and remote working, meaning that some of the limitations facing business travellers’ availability to travel in the past may be mitigated.

Last-minute bookings and minimal flexibility were once the hallmarks of the road warrior; now there’s an opportunity to realign booking behaviour among travellers as they have more lead time to plan office visits, client meetings, and conference travel to ensure you get the most value for money from your travel programme.

Benefits of Fare Forecaster

• Highs and lows: Instantly see days with the highest and lowest fares, with the best flight prices highlighted as recommendations.
• 7-day window: Up-to-date flight prices are displayed by specific journey or destination across a 7-day window, saving time on multiple searches.
• Advanced purchase: Search for airfares up to 11.5 months in advance of travel dates to compare the most affordable airfares, avoiding unforeseen events or holidays that might trigger premium prices.
• CTM’s Lightning integration: The Lightning online booking tool integrates with Fare Forecaster allowing customers to configure to their travel programme’s supplier preferences and policies, ensuring travel policy compliance and best practice booking behaviour, and deep-link straight into the booking tool to complete the booking.

Small changes, big impact

Not every trip can be adjusted. However, small changes can have a meaningful impact. Even if a fraction of travellers shift their travel dates by a day or two, the aggregated savings for your organisation can be substantial.

The world of business travel is dynamic, and the need for cost-effective strategies is crucial. Fare Forecaster empowers you to make informed, financially sound decisions quickly while not sacrificing how often you collaborate with colleagues or meet with customers. So why wait? Start switching your travel days with Fare Forecaster. Your bottom line will thank you.

 

*Fare analysis conducted in March 2024 for economy travel in August, September and October 2024.