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India’s Business Travel spend estimated at USD 38.2bn for 2024: FCM Travel

Global Corporate Travel Management Company, FCM Travel India, hosted their first FCM Corporate Travel Summit in Mumbai powered by the Global Business Travel Association (GBTA) with Hyatt India Hotels, Amadeus, and Singapore Airlines as sponsors.

The summit was attended by more than 150 professionals from the travel industry, including key decision-makers.
The event curated thought-provoking sessions for India’s business travel community which covered the latest business travel trends, technology, meetings and events and sustainability.

“India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region, representing 5.7 per cent of business travel spending in the region. In 2023, India’s business travel spending grew 24.7 per cent and we anticipate an 18.3 per cent increase in spending to reach USD 38.2 billion in 2024,” said Sunny Sodhi, Managing Director, FCM Travel India.

“It is going to be an exceptional year for the meetings and events industry. Technology-enabled events are here to stay, and we use artificial intelligence and virtual reality to enhance and elevate guest experiences. We have also seen a strong demand for wellness, well-being, and even luxurious experiences. We recently organised walking tours in Maasai Mara and dinner along the Mara River,” added Manpreet Bindra, FCM Meetings & Events Leader, Asia.

“Asia has continued to outperform, with a significant 44 per cent increase in revenue as announced in our Mid-Year Results FY2024. This is fuelled by strong performance across Southeast Asia, India, and the re-opening of China, hence we are witnessing growth opportunities in India and Southeast Asia in FY2025,” said Bertrand Saillet, Managing Director of FCM Travel Asia.

“India will fully reach pre-2019 spending levels by 2025 and is expected to reach 120 per cent of its pre-COVID business travel spend in 2027,” concluded Catherine Logan, Regional Vice President of EMEA & APAC, GBTA.

 

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