FCM India’s Meetings & Events Revenue Grows by More Than 50% Pre-COVID
FCM Travel India has reported a more than 50 per cent growth in the last six months, demonstrating that events in person are back in focus. High demand is seen right across the industry, despite
FCM Travel India has reported a more than 50 per cent growth in the last six months, demonstrating that events in person are back in focus. High demand is seen right across the industry, despite organisations facing changing attitudes to work-life boundaries and budgetary constraints. As per 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 catchups and events despite the increase in costs.
Prices of hotels in Asia have increased by an average of 26 per cent, with Bangalore being the most expensive at USD$190 a night, followed by Delhi at USD$150 a night. Economy fares from Mumbai to Delhi have increased by 15 per cent and business by 9 per cent. Economy fares from Mumbai to London have gone up by 26 per cent in economy (the highest increase in Asia) and 20 per cent 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,” says 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.”
“There is high optimism abounds the meetings and events industry this 2023. 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. FCM Meetings & Events India recently published a trends report which showed 7 trends shaping India’s meetings and events industry in 2023.
FCM is one of the world’s largest travel management companies and a trusted partner for thousands of national and multi-national organisations, including many household brands, Fortune, and FTSE 100 companies. With a 24/7 reach in over 100 countries, FCM’s agile and flexible technology anticipates and solves client needs supported by expert teams who provide in-depth local knowledge and duty of care as part of the ultimate personalised business travel experience. While as the flagship corporate travel arm of the ASX-listed Flight Centre Travel Group, FCM is able to deliver the best market-wide rates, unique added-value benefits, and exclusive solutions for its clients to support their business travel requirements. A recognised leader in the travel tech space, the company has debuted several proprietary client solutions over the last 12 months including a new omni-channel platform featuring a ‘first of its kind’ customised end-to-end user experience and FCM Booking, an innovative option to traditional OBTs. Alongside its travel management services, the company also provides specialist services through FCM Consulting and FCM Meetings & Events to service the broader needs of its clients. Discover the alternative at www.fcmtravel.com