Global travel management company Corporate Travel Management (CTM) has published its second “Global Corporate Travel Trends Report,” providing a comprehensive analysis of the corporate travel industry’s performance in 2024.
The report reveals robust growth across key travel metrics, highlighting the resilience and expansion of the corporate travel industry. Air travel capacity is above 2019 levels, business travelers are flying longer distances, booking lead times are extending and average daily rates (ADRs) for accommodation are beginning to surge globally.
Air Travel Rebounds With Increased Capacity, Stabilized Fares
According to CAPA Centre for Aviation, the global corporate air travel market has entered a period of sustained growth, with air capacity now 3 percent above 2019 levels and 6.4 percent higher than in 2023.
As well, airlines are scaling operations to meet the growing demand, particularly in major corporate travel hubs where full-service carriers have expanded networks. Record aircraft orders and over 1,600 new aircraft deliveries expected in 2025 signal continued investment in fleet expansion to meet demand.
The top three travel routes for CTM customers were:
- London–New York
- London–Hong Kong
- Sydney–Melbourne
The Sydney–Melbourne route surpassed Hong Kong–Tokyo in the January–June 2024 “Global Corporate Travel Trends Report.”
Corporate Travelers Are Flying Further
Corporate travelers covered greater distances in 2024 than before the pandemic, with stabilized airfares in most regions providing corporate travel managers with greater budget certainty following sharp price increases in 2023.
British business travelers led the trend globally, flying further than any other nation compared to 2019. India’s corporate travel market also experienced a significant increase in travel distances compared to 2019, with North America emerging as a key destination.
French business travelers also saw significant distance increases due to government-imposed sustainability restrictions on domestic air travel in 2023.
Australian business travelers, who stayed closer to home in 2023, have returned to flying longer, surpassing 2019 distances.
Average miles flown by travelers:
- United Kingdom – 3,821 miles (vs. 3,737 in 2023; 3,329 in 2019)
- United States – 3,011 miles (vs. 2935 in 2023; 2,822 in 2019)
- Australia – 2,826 miles (vs. 2,635 in 2023; 2,745 in 2019)
Airfare Trends and Booking Behavior
Following steady price increases since March 2020, globally airfares entered a downward trend in 2024. Economy fares declined more sharply, while business class fares maintained a consistent trajectory. This softening suggests a potential market correction following the strong price recovery period of the previous two years.
Australia and New Zealand (ANZ) saw easing international airfare pressures with increased competition boosting capacity to meet rising demand. Similarly, North America witnessed stabilization in airfares with airlines adding Transpacific and Transatlantic capacity. International airfares in Asia continued to decline due to price corrections from supply shortages during the pandemic. In Europe, strong corporate and premium leisure demand and limited seats drove up international business class fares.
Air Booking Lead Times
While global booking lead times largely stabilized in 2024, regional variations continue to reshape these trends.
North America saw the most significant shift of travelers booking 21-plus days in advance (35 percent, versus 24 percent in 2023). Europe and ANZ also witnessed an increase in 21-plus day bookings; however, only marginal in comparison. Asia stands apart with travelers booking closer to departure, driven by a growing low-cost carrier presence.
Accommodation Market Sees Strong Demand, Longer Booking Lead Times
Corporate accommodation demand remains strong, with average daily rates (ADRs) surging globally at 20 to 30 percent above 2019 levels.
Global hotel booking behavior has shifted since 2019, with fewer reservations made within seven days of travel (52 percent, versus 61 percent in 2019) and more bookings secured 21 or more days in advance (24 percent vs. 18 percent in 2019). This trend suggests a desire to lock in rates and secure availability in advance based on the strong return to travel in key markets.
ANZ, Europe and Asia were at the forefront of this shift, with 34 percent of bookings in ANZ, 36 percent in Asia and 32 percent in Europe made 21-plus days in advance. This marks a notable increase from 2019 when the figures were 23 percent, 24 percent and 28 percent, respectively. Last-minute bookings remained dominant in North America, with 64 percent made within seven days.
Source: Corporate Travel Management
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