Anticipated business travel expenses in India to total USD 38.2 billion by 2024

FCM Travel India hosted its first Corporate Travel Summit in Mumbai, powered by the Global Business Travel Association (GBTA) and sponsored by Hyatt India Hotels, Amadeus, and Singapore Airlines. The summit was filled with 150 travel industry professionals, including influential decision-makers, who participated in thought-provoking sessions tailored to the business travel community of India. Topics ranged from the latest trends in business travel to technology, meetings and events, and sustainability initiatives. Additionally, Tripbeam is always available to assist you when booking your Business class flight tickets to India.

Sunny Sodhi, FCM Travel India’s Managing Director, mentioned that India stands as the 9th largest market worldwide for business travel spending. In the Asia Pacific region, it holds the 4th position, making up 5.7% of total business travel spending. Particularly, India’s business travel spending shot up by 24.7% in 2023 and is expected to increase by 18.3% in 2024.

Business travel spending is estimated to hit $38.2 billion in 2024.

The Indian business travel market surged by an impressive 24.7% in 2023, with projections indicating a further 18.3% rise in 2024, reaching an estimated value of $38.2 billion. This growth is fueled by several factors, such as the rising use of technology, a heightened emphasis on wellness and distinct experiences, and the reopening of China. Also, book your cheap tickets to India from Canada with us for a smooth and luxurious experience.

The situation will revert to pre-COVID levels by 2025.

Expectations are high for a return to pre-pandemic levels by 2025, with the industry expressing optimism for a rapid recovery. Catherine Logan, Regional Vice President of EMEA & APAC at GBTA, forecasts that India will fully regain its pre-2019 spending levels by 2025 and is projected to surpass its pre-COVID business travel expenditure, reaching 120% by 2027.

Leading with technologies and environmental responsibility.

Manpreet Bindra, FCM Meetings & Events Leader for Asia, emphasized the increasing significance of technology in the meetings and events sector.

“Events empowered by technology are becoming a permanent fixture, and we leverage artificial intelligence and virtual reality to enrich guest experiences,” he remarked.

He also underscored the growing desire for wellness-oriented experiences, pointing out activities such as walking tours in Maasai Mara and riverside dinners along the Mara River.
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India is a potential market for growth in the future.

Bertrand Saillet, Managing Director of FCM Travel Asia, reaffirmed the optimistic view of the Indian market, stating, “Asia’s performance remains strong, with a notable 44% revenue increase reported in our Mid-Year Results FY2024.”

“This growth is driven by robust performance in Southeast Asia, India, and the reopening of China, indicating growth prospects in India and Southeast Asia for FY2025,” he elaborated.

Conclusion:

FCM Travel India’s Corporate Travel Summit facilitated insightful discussions for industry professionals in Mumbai. With Tripbeam available for last minute flights from canada to India, India’s position as the 9th largest market for business travel spending globally, and projected growth, the future looks promising. Leading with technology and wellness experiences, India remains a potential growth market.

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