Domestic, inbound and outbound travel are still very popular due to the influx of foreign investments
In light of India’s strong and expanding economy, corporate travel specialist firm FCM Travel has projected a rise in business travel by 2024. In a press statement, FCM India says that corporate travel programmes are under the spotlight as 2024 budgets are tested.
FCM says that business travel is still a high priority. Domestic, inbound and outbound travel are still very popular due to the influx of foreign investments and the global market expansion of Indian businesses.
In October 2023, a survey by the Global Business Travel Association found about 70 pc of corporate travel buyers expect to increase or keep their travel budgets in 2024, it adds.
Sunny Sodhi
“As business travel is essential for business growth, companies see the importance of meeting customers and suppliers. Professionals are also travelling to attend or speak at meetings, events, and seminars. We are also seeing corporate travellers take advantage of being able to combine both business and leisure travel,’’ says Sunny Sodhi, Managing Director, FCM Travel India.
The reports says that international demand will continue into 2024, and fare rises of 3-7 pc is forecast in 2024. Asia has seen an increase in economy class fares by 21 pc and 17 pc in business class fares year to date 2023 versus 2019. Mumbai to London has seen the highest increase of 24 pc in economy class fares followed by Mumbai to Delhi. Business class fares from Mumbai to London saw a 14 pc increase in 2023 versus 2019, says FCM India.
The statement adds that technology will play a key role not only in enhancing the travellers’ experience but also in supplying data-driven insights and real-time updates, adds the report.
It says that there is an increased focus on caring for the mental and physical wellbeing of employees and that includes when they are attending meetings and events. This trend is shaping event planning, with a shift to designing more holistic gatherings at unique and different destinations.
FCM says meetings and events have seen an uptick in requests for Southeast Asian cities such as Vietnam, apart from the popular Thailand and Singapore and countries in Central Asia such as Azerbaijan and Kazakhstan. Companies are also factoring in more breaks during events, more wellness activities, less packed schedules and more informal downtime that fosters genuine interactions and connections.
The report adds that sustainability has risen to the top of the business agenda as more companies join the race to NetZero. 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.
