FCM Travel India has reported a more than 50 per cent growth in the last six months, as high demand is seen across the industry, despite organisations facing changing attitudes to work-life boundaries and budgetary constraints.
According to the Global Quarterly Trend Report by FCM Consultancy, in-person meetings are the number one reason for corporate travel. This has resulted in a significant uptick in in-person meetings and events despite an increase in costs.
Prices of hotels in Asia have increased by an average of 26 per cent, with Bengaluru being the most expensive at US$190 a night, followed by Delhi at US$150 a night. Economy fares from Mumbai to Delhi have increased by 15% and business by 9%. Economy fares from Mumbai to London have gone up by 26% in economy (the highest increase in Asia) and 20% in business.
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.
“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 of FCM India Meeting & Events.
“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 fully stabilise until 2024 highlighting opportunities for further growth.”
“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.
Earlier this month, FCM Meetings & Events India recently published a report depicting seven trends shaping India’s meetings and events industry in 2023.
