According to FCM Consultancy’s Global Quarterly Trend Report, in-person meetings primarily drive corporate travel. This has led to a surge in face-to-face catchups and events, despite the rising costs associated with it.
The average hotel prices in Asia have increased by 26 per cent on average, with Bangalore being the most expensive at USD 190 per night, followed by Delhi at USD 150 per night. Additionally, the economy fares from Mumbai to Delhi have gone up by 15 per cent, and business fares have gone up by 9 per cent. Economy fares from Mumbai to London have also increased, with economy fares seeing the highest increase in Asia at 26 per cent and business fares going up by 20 per cent.
FCM Travel India has reported a growth of more than 50 per cent in the last six months, indicating that in-person events are once again becoming a priority. Despite budgetary constraints and evolving work-life balance attitudes, high demand is observed throughout the industry.
Due to the pandemic, many companies had to pause their travel plans, resulting in a backlog of product launches and business conferences. Now, however, these events are being fulfilled in a bigger and better way.
“While the 2023 travel uptick reflects the removal of country restrictions coupled with a deep desire to travel, we envisage that as capacity and pricing stabilises, 2024 will be a better indicator of the true demand,” said Manpreet Bindra, President, FCM India Meeting & Events.
A significant 57 per cent of respondents anticipate increased travel budgets in 2024 compared to 2023. As per their priorities for 2024, corporate respondents rank ‘traveller experience’ second, after cost-saving measures. Impressively, 46 per cent confirm that they have no intentions of limiting business travel for the remainder of the year.
“The rapid surge back to in-person events has been a challenge for venues, hotels, airlines, and event planners. Travel constraints, capacity issues, labour shortages, supply chain issues and travel disruptions are all easing, but they are factors that are not expected to stabilise until 2024 highlighting opportunities for further growth fully.” “There is high optimism abounds the meetings and events industry this 2023. Adaptability will still be paramount as the industry navigates the continuing resurgence of business events, new ways of working, changing attitudes to travel and ongoing supply challenges,” added Bindra.
