Good news! Singapore airfares just got cheaper

Singapore published fares fell 1% within Intra Asia Pacific and 3% to Europe, Middle East & Africa.

According to American Express Business Travel Monitor, despite the slight increase of domestic fares across the Asia-Pacific region, airfares in Singapore decreased across the board. Singapore published fares fell 1% within Intra Asia Pacific and 3% to Europe, Middle East & Africa.

Compared to the previous quarter, fares were down 1% overall. Fares to Europe, Middle East & Africa dropped 1% along with flat rates to Intra Asia Pacific and Americas.

“The reduced prices in Singapore are likely a result of slower economical development and increased competition within the region. Companies are still aggressively managing travel policy and this is being reflected in the overall demand that we see in the marketplace. Ongoing uncertainty with the sovereign debt crisis in Europe continues to erode confidence, and reduce airfare growth from the previous highs seen in Asia.

“High fuel prices will likely stay and as travel continues to be a priority for Singaporean businesses, fares are likely to remain at these levels, albeit with a slower increase.”

According to Dr Jones, companies expect that airfare prices will rise, and so are continuing to seek expert advice to ensure that their current contracts with suppliers are best in class. It is essential to leverage the overall corporate spend to maximize returns on travel investment, and this can only take place with a well managed travel programme.

“We have particularly seen companies showing stronger interest in reviewing whether their supplier contracts are well negotiated and well complied with. Alternatives to travel are being looked at as part of policy reviews, but companies know well that top line growths are usually driven by face to face sales meetings, particularly in the Asia-Pacific region.”