Tag Archives: Business travel

According to a report by CRISIL Ratings, branded hotels are expected to post double-digit revenue growth of 13-14% this fiscal and 11-12% in the next, fuelled by demand outpacing supply. While domestic leisure and business travel will continue to be the primary demand drivers, growing traction in the MICE segment and pickup in foreign tourist arrivals will provide an additional fillip.

Taiwan Tourism Administration (TTA) showcased Taiwan’s potential for Incentives at ITB INDIA 2024, under the theme “Explore Taiwan, Explore New Asia.” This participation marks a significant step in strengthening tourism ties between Taiwan and India. Indian outbound numbers have increased to 92 per cent of pre-pandemic levels from January to June, compared to the same period in 2019. The Taiwan Pavilion at ITB INDIA attracted numerous industry players, facilitating discussions on cooperation opportunities across sectors, including business travel, incentive travel, and wedding photography. With Indian visitor numbers rebounding, Taiwan is rolling out the red carpet for Indian travellers. The delegation was led by Cindy Chen, Acting Director, Taiwan Tourism Administration, Singapore Office; TTA delegations participated at the ITB, Mumbai after a successful showcase at the Taiwan EXPO 2024 in New Delhi in July. The vibrant Taiwan Pavilion at the ITB, Mumbai was a standout, featuring stunning visuals from the serene Sun Moon Lake to the modern skyline of Taipei 101. The captivating displays showcased Taiwan’s blend of natural beauty and urban charm, attracting industry leaders to explore partnership opportunities. Chen remarked, “The ITB INDIA travel show is an exciting opportunity for us to present Taiwan’s warm hospitality, rich cultural experiences and robust infrastructure. We are here to strengthen our collaboration with Indian travel partners that will lead to new opportunities for both the markets. We’re eager to welcome more Indian tourists and create unforgettable journeys tailored just for them.” Joining Director Chen were Allen Chang, Manager, TTA, and the stakeholders, including Paul Yeh, Shi Chun Travels, Paul Hsieh, Edison Travel, Emily Chiu and Elizabeth O. Salim, Apple Tour, and Hank Yen, EVA Air. The initiative aimed at highlighting ease of …

Sunny Sodhi, FCM Managing Director, India, said, “India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region. In 2023, India’s business travel spending grew 24.7 per cent and we anticipate an 18.3 per cent increase in spending in 2024.”

At the inaugural Corporate Travel Summit, FCM Travel India said the country’s business travel industry is likely to increase up to US$38.2 billion in 2024. The market saw a remarkable 24.7 per cent hike in 2023, and experts expect an additional 18.3 per cent increase in 2024, reaching the value of US$38.2 billion.

During the WTM Global Travel Report response, Patricia Page-Champion, Hilton’s Senior Vice President and Global Commercial Director said, “Currently, 85% of business travel originates from small to medium businesses. And one in four individuals now incorporate leisure with work trips.” 

FCM Consulting along with CAPA & Envest Global, to unveil a new approach for clients to address their environmental issues when planning business travel in order to empower clients. Over 5,000 global businesses have signed up for the Science Based Targets initiative. Committed to taking initiatives for climate action & environmental impact alongside traditional financial priorities whilst making travel decisions. Glenn Thorsen, Sustainability Lead, FCM Consulting, believes that TMCs can provide deeper and more accurate analysis on travel impact with measurable benefits. He said, “As sustainability has risen to top of agenda, our business is step ahead in the evolution of emissions measurement”. Marco Navarria, Corporate Travel Community, Global Content & Marketing Director, CAPA said that CAPA and Envest Global remain committed to provide objective, data-driven assessment of  environmental sustainability performance of the world’s largest airlines, and being the single source of truth for key industry stakeholders. As companies become more sharp sustainability related issues. FCM’s team of experts have devised an industry-first service and also insights from CAPA-Envest Airline Sustainability Benchmarking Report.

This year, according to FCM Consulting’s latest Global Trends Report, Q1-2023 has seen the positive momentum of H2-2022 continue in both business and leisure travel with demand across the world forecast predicted as 85.5 per cent of 2019 levels. 

Business travel has made a strong comeback in India after two years post pandemic. OYO has recorded an 83% year-on-year uptick in bookings in business cities, between April and November this year. According to the company’s Business Travel Trends Report 2022, Delhi emerged as the most-booked business city. 

According to the latest poll of GBTA members, business travel is projected to reach pre-COVID 19 levels of US $1.4 trillion in revenue by 2024, business travel bookings are seeing an increase rebound month on month. However, travel managers cite staffing shortages and government policies and restrictions as having a significant impact on corporate travel programs. 

There’s more on the minds of the business travel industry these days beyond COVID-19 when it comes to the sector’s continued recovery. The return of global business travel remains strong – this month a majority of global travel managers surveyed report their companies are allowing domestic and international employee travel, and travel suppliers continue to cite increased travel bookings from their corporate customers. Conference attendance is also back – stronger than in 2019 as an overall share of business travel budgets. Current affairs and economic concerns, however, are also now in the mix and are having a significant impact on travel programs, according to industry stakeholders. And as the world starts traveling for work again, companies are also considering their policies for employees who aren’t quite ready to get back on the road or in the air. Suzanne Neufang, CEO, GBTA, said “As Covid becomes more manageable in many regions, companies and employees are getting back to traveling for business, fueled by the need to get back to business. We are now seeing, however, other factors beyond Covid coming into play that could affect the speed and trajectory of recovery for business travel as we head into the second half of 2022″.