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.
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FCM Travel India reported more than 50% growth in the last six months, demonstrating that events in person are back in focus. High demand is seen right across the industry, despite organisations facing changing attitudes to work-life boundaries and budgetary constraints. According to FCM Consultancy’s Global Quaterly Trend Report, in-person meetings are priority reason for corporate travel. This has resulted in a significant uptick in in-person catchups and events despite the increase in costs. Due to the pandemic, there was a pause in travel for many companies, resulting in a backlog of product launches and business conferences which is now being fulfilled in a bigger and improved way. Manpreet Bindra, President, FCM India Meeting & Events, commented, “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.
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