In-Person Meetings Drive Rebound in Corporate Travel and Events
25.08.2023 - 13:03
/ skift.com
/ Thomas Cook
/ United Airlines
/ Amrita Ghosh
Cited as the number one reason for corporate travel, face-to-face meetings and events are primarily driving corporate travel, according to FCM Consultancy’s Global Quarterly Trend Report.
Accommodation: Prices of hotels in Asia increased by an average of 26% during the first quarter of 2023, with Bengaluru being the most expensive at $190 a night, followed by Delhi at $150 a night.
Airfares: 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.
Back with a Bang: A survey conducted by the Centre for Economics and Business Research revealed that a majority of Indian businesses (67%) anticipate an increase in business travel this year with 77% of businesses planning to raise their travel budget.
In fact, India is one of the few markets that is recovering faster than others when it comes to business travel.
“The rapid surge back to in-person events has been a challenge for venues, hotels, airlines, and event planners. Travel constraints, capacity issues, labor shortages, supply chain issues and travel disruptions are all easing, but they are factors that are not expected to fully stabilize until 2024 highlighting opportunities for further growth,” said Manpreet Bindra, president of FCM India Meeting & Events.
New York City is hoping to welcome 306,000 travelers from India this year, said Tiffany Townsend, executive vice president of global communications at New York City Tourism and Conventions. This comes just a day after American carrier United Airlines said it will increase its flight frequency between Delhi and New York/Newark from once to twice daily, starting October 29.
What Makes India a Key Inbound Travel Market?
Budget hotel chain FabHotelshas added more than 100 premium propertiesto its collection.
Hotel Portfolio: FabHotel, FabHotel Prime, and FabEscape.
Future Plans: The company is looking to expand its portfolio to over 250 premium properties by December this year.
How Does it Function? Founded in 2014, FabHotels operates through franchising arrangements with budget hotels across more than 80 Indian cities.
Top-Selling Premium Hotels: FabHotel Prime Sapphire Boutique, FabHotel Prime Wego in Mumbai, FabHotel Prime The Pamposh in Delhi, and FabHotel Prime Ivy Studio, Pune.
In June 2019, the company raised about $7.8 million Series B1 investment round led by Goldman Sachs, Qualcomm Ventures, and Accel Partners India.
Indian airlines’domestic demand climbed 14.8% in June, according to the International Air Transport Association’s latest market analysis report. Notably, this surge pushed the demand levels 1.3% above those of June 2019, showcasing a