Flight Centre Travel Group’s Corporate Traveller has released its 2024 travel trends forecast, signalling a levelling of the rapid travel growth expected for sector this year. Nevertheless, “corporate travel demand is growing and positive,” it reports.

Based on its recent Q3-2023 quarterly trend report, the Corporate Traveller presented the following predictions and insights for the year ahead:

 Inflation: With global inflation forecast at 5.2% in 2024, its clear increases will not be as high as previous years, and corporate travel programs should budget for moderate increases.

Airfare retailing progress: 170 companies, including 66 airlines are making progress in airline retailing to offer dynamic pricing – adjusting their fares in real-time based on market conditions and passenger profiles – bringing a whole new level of convenience and efficiency to the air travel industry.

Passenger load factors and Seats: Global passenger load factors are strong at 84.6%, and the forecast for international seats in several markets are showing recovery for travel in/out, including Canada at +4%, The US at +5% and Mexico at +23%.

Engaging travellers: Employee engagement has changed due to the when, where and how we can work. As a result, a growing need for corporations to change internal travel communication methods to engage travellers to comply is clear.

Accommodation: Hotel prices in Vancouver are on the rise, a positive sign of city’s economic growth. Meanwhile, occupancy levels in both Vancouver and Toronto in 2023 have fully recovered, surpassing the 100% mark.

Aviation/Jet Fuel: Q3-2023 jet fuel prices peaked at $130+ per barrel in response to global conflicts and concerns around longer-term production. An overall easing of demand due to the northern hemisphere winter and a levelling of demand across Asia has resulted in lower pricing…

“Airline tickets, hotel and car hire rates have also levelled, says Chris Lynes, President of Corporate Traveller Canada. “Corporate travel programs are under the spotlight as 2024 budgets are put to the test – all signalling an appetite for increased business travel for 2024 pending economic conditions and longer-term outcomes of current global conflicts.”