FCM Consulting Report: 2024 Business Travel Statistics, Trends & Forecasts
The FCM Consulting Global Quarterly Trends Report provides you with essential intel on current trends and how they impact your travel program now and in the future. Stay in the know on shifts in demand impacting travel costs, technology, and the changing traveler experience, such as NDC updates and supplier performance. Navigate the sections below to look back on the last year in reports.
Corporate travel trends in Q3-2024
While economic uncertainty remains around the world, 2024 has continued to be a strong year for the travel industry. With flights 86.2% full in August 2024 and prices stabilizing for economy and business fares in Q3-2024, airlines are now looking to further grow services and schedules to meet demand in 2025.
Key takeaways from Q3-2024:
- Global airline capacity is expected to reach new heights in H1-2025.
- Airline income from ancillaries (bags, meals, etc.) increased 32.5% in 2023 vs 2022.
- Europe and the Americas saw hotel rates increase, while decreases were noted in APAC and Middle East & Africa.
- Car rental global average daily rates decreased 30% in Q3-2024 vs the same quarter last year.
What story does Q2-2024 tell us about corporate travel?
Global airline passenger demand is up 9.1%, the average room rate is rising, and economic uncertainty underpins everything as we move into H2-2024. However, data shows that the first half of 2024 created positive momentum.
Key takeaways from Q2-2024:
- NDC made up 21.5% of total transactions in June 2024
- Global fares rose by 15% for economy class and 11% in business class
- Hotel occupancy was forecast to reach 70% in July
- 11 of the top corporate airlines are forecast to exceed 2019 levels
Download for more Q1-2024 travel trends
Despite increasing demand, companies are not ready to increase corporate travel budgets. Business travelers are out on the road meeting with clients and colleagues, and budgets are being maximized with a combination of early bookings and more days away.
The economic outlook for the rest of 2024 is positive but faces some uncertainty due to a flux of geopolitical events. Regardless, the rising demand is increasing supplier confidence. Seat capacity is forecasted to increase +3.5% over 2019 from May to December 2024 (with North America leading the way at a forecasted +9% increase).
What happened in corporate travel during Q4-2023?
Even with a predicted +3% rise in global travel costs, business travelers who were ready to connect with clients and colleagues were still planning more trips.
Compared with the first half of 2019, the start of 2024 was predicted to offer 7% more seats in North America – good news for those eager business travelers – however, a significant drop in flights was expected. Take a look back at the Q4-2023 report.