wind farm

PRESS RELEASE

Top 6 Predictions of Business Travel for 2024

 

Business travel will remain strong in 2024. Corporate travel programmes are under the spotlight as 2024 budgets are tested. FCM Travel Asia predicts increased business travel for 2024, pending economic conditions.

Studies have shown that business travel correlates to economic growth. We are seeing corporate travellers take advantage of being able to combine both business and leisure travel. There is also a real business focus on face-to-face meetings and collaborations, given the evidence that in-person meetings are the most productive way for businesses to operate. 2024 looks to be positive for businesses that travel.

Bertrand Saillet, Managing Director, FCM Travel Asia

1. Business travel is still a high priority despite economic impacts

Lower airfares in 2024 will open options for budget-conscious business flyers. While economic uncertainty posed concerns for any business, there would be a meeting point in the travel industry with falling travel costs. In October 2023, a survey by the Global Business Travel Association found about 70 per cent of corporate travel buyers expect to increase or keep their travel budgets in 2024. 

2. International demand to continue into 2024, and fare rises of 3 to 7 per cent is forecasted in 2024

Asia has seen an increase in economy class fares by 21 per cent and 17 per cent in business class fares year to date 2023 versus 2019. Mumbai to London has seen the highest increase of 24 per cent in economy class fares followed by Mumbai to Delhi. Business class fares from Mumbai to London saw a 14 per cent increase in 2023 versus 2019. Both airports from Shanghai to Singapore have seen an increase in business class fares. Shanghai Hong Qiao Airport saw a 24 per cent increase in fares and Shanghai Pudong Airport saw a 20 per cent increase.

3. Easing of visa requirements

China, the world’s second-largest economy, has granted unilateral visa-free travel for holders of ordinary passports from France, Germany, Italy, the Netherlands, Spain, Norway, and Malaysia and signed agreements on mutual visa exemption with over 150 countries which enables citizens to travel to China without a visa.

4. Bleisure trips are on the rise

Bleisure travel to continue to rise in 2024 as the world returns to normality, flight capacity continues to grow, and collaboration still is a priority. As we see a fixation on productivity amidst economic pressures, organisations are looking to meet and gather face-to-face. Employees are taking advantage of increased business travel to extend their trips for joint leisure purposes.

5. Leveraging technology for smoother travel

Technology will play a key role not only in enhancing the travellers' experience but also in supplying data-driven insights and real-time updates. FCM’s AI assistant, SAM (Smart Assistant for Mobile), proactively informs travellers of flight delays and recommends the nearest lounge instead of waiting at the gate.

6. Increased focus on sustainable initiatives

As sustainability has risen to the top of the business agenda, more companies join the race to net zero. To empower companies, FCM Consulting has partnered with CAPA – Centre for Aviation, which pairs the team’s unique methodology with the CAPA Envest Global Sustainability Benchmarking Report. FCM is the only Global Travel Management Company to currently have access to this valuable data which provides a comparable ranking of airlines incorporating over 10 'sustainability parameters’ and is regarded by CAPA as the industry's single source of truth on emissions, benchmarking airlines, and their performance as they transition to net zero operations. 

Regardless of which travel management companies they use; enterprises can get a scorecard to learn how their air travel programme and preferred airlines score on various sustainability metrics.  As companies become more astute on all things sustainability-related, travel management companies must be able to provide a deeper, and more accurate analysis of travel impact with measurable benefits.  

About FCM 

FCM is one of the world’s largest travel management companies and a trusted partner for thousands of national and multi-national organisations, including many household brands, Fortune, and FTSE 100 companies. With a 24/7 reach in over 100 countries, FCM’s agile and flexible technology anticipates and solves client needs supported by expert teams who provide in-depth local knowledge and duty of care as part of the ultimate personalised business travel experience. While as the flagship corporate travel arm of the ASX-listed Flight Centre Travel Group, FCM is able to deliver the best market-wide rates, unique added-value benefits, and exclusive solutions for its clients to support their business travel requirements. A recognised leader in the travel tech space, the company has debuted several proprietary client solutions over the last 12 months including a new omni-channel platform featuring a ‘first of its kind’ customised end-to-end user experience and FCM Booking, an innovative option to traditional OBTs. Alongside its travel management services, the company also provides specialist services through FCM Consulting and FCM Meetings & Events to service the broader needs of its clients. Discover the alternative at www.fcmtravel.com