LONDON--(BUSINESS WIRE)--Concur (Nasdaq: CNQR), a leading provider of integrated travel and expense management services, today released its second global report on corporate travel and entertainment (T&E) spend. Compiled from the detailed analysis of more than 500 million expense line items from its corporate clients, representing more than £30 billion ($50bn) in spend, the data offers travel and expense managers insight into global and regional spending trends, helping organisations of all sizes make more informed decisions.
“It’s great to see London comes up trumps as a global business hub – the most visited city last year for business travellers. It’s also not the most expensive city to travel to, contrary to some beliefs, which could help draw more executives to do business in the UK,” said Isabel Montesdeoca, SVP and GM, Concur EMEA. “Additionally, the insights provided on regional spending trends across the most popular hubs for business travel helps UK companies benchmark their T&E spend policies more accurately, which is particularly important in this economic climate.”
Key findings include:
UK trends -
London was the most visited city in the world last year by business
travellers, followed by Shanghai, Singapore, Beijing and Toronto
- With regards to other European cities - Paris ranked at number seven, Amsterdam at 13, Stockholm at 15, Madrid at 22 and Dublin at 23
- London was ranked 6th most expensive city with Tokyo and Copenhagen coming top, based on lodgings, dining and entertainment
- In the UK, airfare was the top spend category, followed by lodgings, ground transportation and dining
Expenses spend on petrol in the UK saw the largest increase for the
average transaction amount of all categories – rising by 23% from 2010
- Interestingly, in a recent study with YouGov, Concur also found that mileage is the biggest area of potential expense fiddling with over one in four (26%) judging it acceptable to exaggerate expense claims when the ‘mileage rate paid by the employer doesn’t cover the actual car and fuel costs’
Global trends -
- The top three global T&E categories – airfare, lodging and dining – comprised more than 60 percent of total spend, compared to 50 percent of total spend in 2010. Entertainment and ground transportation brought that total to more than 70 percent
- Global average airfare – the category with the largest percentage increase in 2011 – rose by an average of £13.53 ($21.74) per trip or about 5 percent compared to 2010
- Dining spend was down globally by an average of 1 percent
- Almost 50 percent of the top 25 most visited cities were located in Asia – Tokyo, Hong Kong, Bangalore, Dubai, Mumbai, Taipei, Shenzhen, Kuala Lumpur, Shanghai, Singapore and Beijing
“Last year, Concur helped more than 15 million users in over 100 countries manage their T&E expenses,” said Michael Hilton, EVP of worldwide marketing for Concur. “This significant volume of transactional data gives us a unique opportunity to report on the state of corporate T&E spend, in turn shedding light on ways our customers can drive down costs and better manage their bottom line.”
Concur’s T&E Spend Report is compiled from a representative sample of Concur’s extensive database of corporate travel and expense transactions. The report ranks the ten largest categories of T&E spend and most expensive cities for business travel, including the average cost per transaction, and a comparison of that spend year-over-year. It also offers a detailed look at the regional spending trends in some of the most popular hubs for business travel throughout the world including Australia, Canada, France, Germany, Hong Kong, India, Japan, United Kingdom and the United States.
The report is available free of charge and can be downloaded here.
Concur is a leading provider of integrated travel and expense management solutions. Concur’s easy-to-use Web-based and mobile solutions help companies and their employees control costs and save time. Concur Connect is the platform that enables the entire travel and expense ecosystem of customers, suppliers, and developers to access and extend Concur’s T&E cloud. Concur’s systems adapt to individual employee preferences and scale to meet the needs of companies from small to large. Learn more at www.concur.co.uk