FCM Consulting Report: 2024 Business Travel Statistics, Trends & Forecasts
The FCM Consulting Global Quarterly Trends Report is your essential intel on current business travel trends. With these business travel statistics to hand, you can move forward with confidence in how your business travel spending and travel programme could be impacted now and in the future.
Stay in the know on shifts in demand, impacting costs, business travel technology, and the changing traveller experience on business trips, such as NDC updates and supplier performance. Want to look back on past international business travel reports? Keep scrolling to view them.
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 stabilising 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 for this quarter include:
- 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
Empower your travel programme with global insights and data points. Download FCM Consulting’s Q3-2024 Global Trend Report today.
What story does Q2-2024 tell us about corporate travel?
Global airline passenger demand was up 9.1%, the average hotel room rate was rising, and economic uncertainty underpins everything as we move into H2-2024. However, data shows that the first half of 2024 created positive momentum for the business travel industry.
Key takeaways from the first half of 2024 included fares around the globe rising by 15% in economy and 11% for business class. Hotel occupancy was forecast to reach 70% in July, with 11 of the top corporate airlines to exceed 2019 levels.
Explore travel trends from Q1-2024
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?
2023 was a milestone year for business travel. It was the busiest and least interrupted in more than four years, where the COVID 19 pandemic had thrown the travel industry into the unknown.
Corporate travel managers saw their budgets and policies reset in response to rising travel costs, and with employees confidently booking business trips. With flight and hotel prices up across key business travel destinations, spending was set to increase and surpass pre-pandemic levels in 2024.