{"id":241770,"date":"2024-09-11T04:15:00","date_gmt":"2024-09-10T21:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=241770"},"modified":"2024-09-11T04:53:17","modified_gmt":"2024-09-10T21:53:17","slug":"fcm-business-travel-powers-up","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2024\/09\/fcm-business-travel-powers-up\/","title":{"rendered":"FCM: Business travel powers up"},"content":{"rendered":"\n

SINGAPORE, 11 September 2024: Strong passenger demand, the desire for in-person meetings, conferences, and events, and positive travel industry momentum over the last six months continue to drive incremental growth for business travel, according to FCM Consulting\u2019s latest Global Trends Report<\/a>.\u00a0<\/p>\n\n\n\n

Global passenger demand, as reported by IATA^, was up 9.1% in June 2024 compared to the same month in 2023. International passenger demand saw the largest growth of 12.3%, and passenger load factors were 85%, an increase of 12.7% year-on-year. Domestic passenger demand was 4.3%, and passenger load factors were 85%, a rise of 2.1% year-on-year.<\/p>\n\n\n

\n
\"\"
Photo credit: FCM. FCM Consulting\u2019s latest Global Trends Report.<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n

\u201cTotal seats offered for calendar year 2024 is up 3.04%  (175 million increase) on 2019 levels and up 6.15% (352 million rise) on 2023. This calendar year is the new baseline for aviation growth after 2023. And 2025 airline schedules are forecast to be positive with continued increases,\u201d said FCM Consulting head of  APAC Felicity Burke.<\/p>\n\n\n\n

\u201cGlobal hotel occupancy climbed to nearly 70%  by the end of H1-2024, and air travel demand grew steadily throughout the same period. As the northern hemisphere summer emerges, we forecast travel demand to grow steadily through the next quarter.<\/p>\n\n\n\n

\u201cThe forecast seats offered across the top corporate global airlines in 2024 are set to be five per cent above 2019 and, in comparison, seats offered in 2023 were two per cent below 2019 levels \u2013 11 of the top corporate airlines are also forecast to exceed their 2019 levels by the end of 2024.<\/p>\n\n\n\n

\u201cAs for accommodation, the hotel average room rate across the top 100 corporate cities reported by FCM Consulting\u2019s business analytics team was USD182, a USD5 drop versus H1-2023. As reported by STR on 6 July 2024, the global hotel occupancy rates were forecast to reach 70% during July.\u201d<\/p>\n\n\n\n

FCM Travel Southeast Asia General Manager Kenji Soh commented: \u201cIn the car hire sector, the H1-2024 global average daily rate was USD54, a decrease of 26%, compared to 2023. International economy and business class fares for all destinations globally from Singapore saw an average decrease of 12% and 4% respectively in April to June 2024\u201d. <\/p>\n\n\n\n

\u201cA year after China’s border reopening, Asia’s average room rates hold strong in the first half of 2024. Singapore remains the priciest destination for hotel stays, with rates averaging USD298 \u2014 a 27% increase compared to the first quarter of 2024 \u2014 followed by Hong Kong and Tokyo.<\/p>\n\n\n\n

\u201cShanghai saw a modest 3% rise, bringing its average hotel room rate to USD146, while Beijing’s rate stands at USD149. Bangalore has now taken the lead in India with the highest average nightly room rate at USD152, trailed by Mumbai at USD147 and Delhi at USD142\u201d. <\/p>\n\n\n\n

(^IATA passenger demand, July 2024.)<\/em><\/p>\n\n\n\n

About FCM Consulting quarterly trend report<\/em>
This FCM Consulting quarterly trend report draws on global data from FCM Travel and Flight Centre Travel Group corporate booking data for travel from April to June 2024 (Q2-2024). The report uses Cirium aviation schedule data as of 19 August 2024. Airfare pricing variations exclude all taxes.<\/em><\/p>\n\n\n\n

The hotel Average Room Rate (ARR) quoted is the average booked rate using FCM Travel and Flight Centre Travel Group corporate booking data. Variations in rates booked reflect seasonality, supply and demand, booking lead times and variations in exchange rates. STR hotel content quoted as of 12 August 2024. Unless otherwise stated, all fares and rates are reported in US dollars.<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE, 11 September 2024: Strong passenger demand, the desire for in-person meetings, conferences, and events, and positive travel industry momentum over the last six months continue to drive incremental growth for business travel, according to FCM Consulting\u2019s latest Global Trends Report.\u00a0 Global passenger demand, as reported by IATA^, was up 9.1% in June 2024 compared […]<\/p>\n","protected":false},"author":22,"featured_media":241772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246,1581],"tags":[],"class_list":{"0":"post-241770","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-singapore","8":"category-trends"},"yoast_head":"\nFCM: Business travel powers up - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2024\/09\/fcm-business-travel-powers-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCM: Business travel powers up - 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