In the last six months, FCM Travel India has reported a surge of more than 50%, indicating that live events are once again in demand. Despite firms confronting changing views towards work-life boundaries and financial restrictions, the industry as a whole is experiencing high demand.
According to the FCM Consultancy’s Global Quarterly Trend Report, in-person meetings are the main driver of business travel. Despite the cost rise, this has led to a huge increase in in-person catchups and events.
The cost of hotels has climbed by 26% on average across Asia, with Bangalore having the highest rate at USD$190 per night and Delhi having the lowest rate at USD$150. The cost of travelling from Mumbai to Delhi has gone up 15% for economy and 9% for business. The largest increase in Asia was seen in the economy fare from Mumbai to London, which increased by 26%, and by 20% in business.
The epidemic caused many businesses to stop travelling, which led to a backlog of product launches and business conferences that are now being completed in a bigger and better way.
According to Manpreet Bindra, President of FCM India Meeting & Events, “While the 2023 travel uptick reflects the lifting of country restrictions combined with a strong desire to travel, we envisage that 2024 will be a better indicator of the true demand as capacity and pricing stabilise.”
It has been difficult for venues, hotels, airlines, and event planners to keep up with the sudden increase in in-person gatherings. Travel restrictions, capacity problems, manpower shortages, supply chain problems, and travel interruptions are all getting better, but it won’t be until 2024 before they fully stabilise, presenting potential for future growth.
“The meetings and events sector is filled with great anticipation for 2023. As the industry navigates the continued rise of corporate events, new working practises, shifting travel views, and persistent supply issues, adaptability will continue to be key, Bindra concluded.
In a recent analysis on trends, FCM Meetings & Events India identified 7 trends that would influence India’s meetings and events sector in 2023.
Source- Travel biz