FCM Consulting Global Quarterly Travel Trends Report Q1-2024
Despite slowly but surely increasing demand, companies are not ready to loosen their purse strings on 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).
Also top of mind? Sustainability. Scope 3 emissions reporting in Europe is no longer optional, and California passed SB253, which requires organizations with $1 billion in revenue to report emissions, including Scope 1, 2, and 3.
Who are the big winners of Q1-2024? Hotels and car rental companies. Average room rates are rising (particularly in the US), and average daily car rentals are down, which has been observed to stimulate demand.
Get the details about this and more in the Q1-2024 FCM Consulting Report.
Key takeaways from the report:
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The rise of low-cost carriers: They make up 31% of seats offered globally in 2024
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Economy fares on the rise: They are up an average of 11%, with North America up by 15%
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Average hotel night rates up $18 in Q1-2024
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EU targets set to help drive SAF into 2050
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Mobility costs are up considerably, with US ride-hailing up 41%