Business Travel Grows in APAC
Skift Take
Strong passenger demand, in-person events, and positive industry momentum are driving business travel growth, with global passenger demand up 9.1%, hotel occupancy nearing 70%, and steady travel demand expected through the next quarter.
CM Consulting's latest Global Trends Report said strong passenger demand, the desire for in-person meetings, conferences and events, and positive travel industry momentum over the last six months continue to drive incremental growth for business travel. The IATA said global passenger demand was up 9.1% in June 2024 compared to the same month in 2023, with international passenger demand up 12.3%. Global hotel occupancy rose to nearly 70% by the end of the first half of this year. FCM is forecasting travel demand to grow steadily through the next quarter. Their business analytics team reported that the hotel average room rate across the top 100 corporate cities was US$182, down US$5 versus the first half of 2023. A year after China's border reopening, Asia's average room rates remained strong, with Singapore remaining the priciest destination for hotel stays in 1H24 with rates averaging US$298, up 27% compared to the first quarter of this
