PRESS RELEASE: FCM Consulting Releases Global Quarterly Trend Report for Q3-2024

New York, NY (December 4, 2024) – FCM Consulting, a division of leading travel management company FCM Travel, today released its latest Global Quarterly Trend Report for Q3-2024, which provides an insightful look at forecasts for the year ahead and the key trends shaping the business travel industry. The report is sourced using FCM’s corporate booking from July to September 2024.

According to the report, global airline passenger load factors reached an all-time high of 86.2% in August as demand for both corporate and leisure travel peaked during the summer months across the Northern Hemisphere. International passenger load factors were at 85.7% during August, an increase of 10.1% year-over-year. And passenger load factors on domestic flights were at 86.9%, up 3.6% from 2023 levels.Overall, global passenger demand was up 8.6% in August, compared to 2023. International passenger demand saw the largest growth of 10.6%, with domestic passenger demand up 5.6%.

It’s been an exciting time for business travel with airlines experiencing record-setting load factors and passenger demand on the rise yet again,”said Ashley Gutermuth, Head of FCM Consulting, Americas. “Furthermore, the increase in seat capacity and drop in economy airfare are welcome signs for corporate travelers that continue to leverage air travel to fuel business growth.

As demand has increased, airlines have been adding to its seat capacity, with total seats offered globally this year up 5.79% (+321 million), compared to 2023. And the positive growth is set to continue as the report forecasts that there will be 1.8% (+51.4 million) more seats offered in H1-2025, compared to the same period in 2024. In North America, there is expected to be 1.3% more seats and 2% more flights offered in H1-2025.

Through an analysis of purchased airfare in August, global economy class airfares dropped 3% (-$16), compared to August 2023, an encouraging trend for business travelers. Business class airfares showed a slight increase of 6% (+$126) globally. In North America, economy fares dropped 2%, while business class fares increased by 7%. Some of the U.S. city pairs with the largest economy price drops were between JFK and LAX (-32%) and Newark and Chicago O’Hare (-18%).

On the accommodation front, global hotel average room rates (ARR) are set to remain high in 2025 due to operating costs and demand, with an expected increase of around 2-4%. During Q3-2024, the ARR in North America increased to $267 (+17), compared to Q3-2023. In the car rental market, the global average daily rate (ADR) was $52 (-30%) in Q3-2024, compared to Q3-2023. The ADR in the U.S. was $52 as well, matching the global rate.

For more information on the FCM Consulting Global Quarterly Trend Report, please visit here.