Wednesday, January 31, 2024
FCM Travel anticipates a surge in corporate travel for 2024, particularly fueled by India’s resilient and expanding economy. The scrutiny on corporate travel programs intensifies as budgets for the year are put to the test.
Highlighting the indispensable role of business travel in fostering growth, Sunny Sodhi, Managing Director of FCM Travel India, notes the growing recognition among companies regarding the significance of face-to-face interactions with clients and suppliers. Professionals are increasingly on the move to participate in meetings, events, and seminars. Notably, there is a trend among corporate travelers to blend business with leisure travel.
Business travel remains a top priority, propelled by the inflow of foreign investments and the global expansion of Indian companies. A survey by the Global Business Travel Association in October 2023 revealed that approximately 70% of corporate travel buyers expect to maintain or increase their travel budgets in 2024.
The international demand for travel is expected to persist in 2024, with projected fare increases ranging from 3-7%. Asia has witnessed a notable surge in economy class fares by 21% and business class fares by 17% year-to-date 2023 compared to 2019. Notably, Mumbai to London experienced the highest increase of 24% in economy class fares.
The concept of “bleisure” trips, combining business and leisure travel, is on the upswing and expected to continue in 2024. This is attributed to the normalization of global conditions, the expansion of flight capacity, and the ongoing emphasis on collaboration. Employees are taking advantage of increased business travel to extend their stays for leisure purposes.
The integration of technology is set to enhance the travel experience, providing real-time updates and data-driven insights. FCM’s AI assistant, SAM (Smart Assistant for Mobile), proactively informs travelers about flight delays and suggests nearby lounges, improving overall efficiency.
The focus on employee well-being is gaining prominence, extending to mental and physical health even during business travel. This trend is shaping event planning, with a shift towards organizing more holistic gatherings in unique destinations.
There is a growing emphasis on sustainable initiatives, with more companies striving for net-zero goals. FCM Consulting has partnered with CAPA – Centre for Aviation to offer valuable sustainability insights through the CAPA Envest Global Sustainability Benchmarking Report. FCM is the only Global Travel Management Company currently with access to this data, providing a comprehensive ranking of airlines based on over 10 sustainability parameters.
Irrespective of the travel management companies chosen, enterprises can now receive a scorecard evaluating their air travel programs and preferred airlines on various sustainability metrics. As companies become more attuned to sustainability, travel management companies are expected to offer deeper and more accurate analyses of travel impacts with measurable benefits.
Saturday, April 27, 2024
