The real cost of last-minute travel

There's no doubt last-minute travel is going to have an effect on the bottom line, but it might be more than you think.

In fact, according to a recent analysis by Concur, last-minute bookings cost on average 44 percent more than the same ticket booked 15 days in advance, and buying patterns vary across location, industry and age. 

The study, based on a report released last year, discovered, among other factors, that the country where the traveler books plays a role. 

In the United States, those who book their fare eight days before the date of travel spend the most, while in the United Kingdom there is no premium on last-minute tickets, with prices averaging 3 percent less than a similar ticket booked in advance.

Meanwhile in France and Canada, high premiums also cost travelers more - 27 and 19 percent, respectively - when tickets are booked last-minute.

In addition, travelers in the U.S. on average spend the most for last-minute travel in January and August (about 9 percent more during these months than any other month). 

Trends were also observed across industry. For example, the analysis showed that travelers in the higher education industry are twice as likely to book tickets at least 15 days in advance, whereas business travelers (perhaps unsurprisingly) are the most likely to book at the last minute. 

Of these travelers, there are slight differences across age group. Baby Boomers book just 3 percent more of their tickets more than 15 days in advance than millennials; however Boomers book 4 percent less travel in the final week leading up to a trip. 

While we know more and more millennials are booking travel via mobile, this last finding points to other trends among younger travelers: they may be less aware of fare increases as travel dates near, or they may have more business meetings with less advance notice.