FCM Consulting Global Quarterly Trend Report Q4-2023
The final quarter of 2023 saw corporate travel at its busiest and least disrupted in over four years!
While forecasts predict global travel costs are set to rise +3%, plans for more trips are still on the cards for Aussie business travellers keen to grow their company by connecting with clients and colleagues. When compared with the first half of 2019, before business travel was affected by the global pandemic, the start of 2024 is predicted to offer more seats globally – good news for those eager business travellers. In Australia, seats will remain the same and a drop of 2% in flights is also to be expected.
Meanwhile, New Distribution Capability (NDC) is in the spotlight this year, with forecasts showing 2024 is when NDC adoption takes off globally in the corporate travel space.
We are certainly excited to see what 2024 has in store for corporate travel!
Are you ready to soar in 2024? Download your free copy of FCM Consulting Global Trend Report Q4-2023 for more insights and travel trends now.
Key takeaways from Q4-2023
On average, global travel costs to rise +3% with Europe to remain flat or decline.
H1-2024 is forecast to offer +3.5% more seats globally, while remaining the same in Australasia when compared to H1-2019. Globally there's predictions of -5.6% less flights than H1-2019 and 2% less flights for Australasia.
Jet fuel barrel prices fell below $102, the lowest for the full year of 2023.
NDC content and capability is set to grow more 2024.
How do airfares and hotel rates compare in your region?
Prepare your travel program and budgets for the year ahead with insights from the FCM Consulting Global Quarterly Trend Report Q4-2023. Including data from FCM’s corporate bookings, Cirium aviation data and STR hotel information, this report is a must read for procurement and travel professionals. Get insights on:
- What airfares are doing by country and on key city-pairs across the world
- Details on hotel rate movements across each region
- NDC into 2024 and plans for global adoption in the corporate travel space
- Communication guidelines for corporate travel managers wanting to keep ahead of their travellers