Travelbiz E-Zine
28
February
2025

New CTM data reveals key trends in air and accommodation bookings during 2024

#Traveltradetogether

Global travel management company Corporate Travel Management (CTM) has published its second Global Corporate Travel Trends Report offering 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 capacity is above 2019 levels, business travellers are flying longer distances, booking lead times are extending and average daily rates (ADRs) for accommodation are beginning to plateau globally.

New York Times Square

Air travel rebounds with increased capacity and stabilised 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% above 2019 levels and 6.4% higher than in 2023. 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.

 Top 3 corporate travel routes for CTM customers in 2024

The two most popular routes for CTM customers in 2024 connect UK business travellers with North American and Asian hubs – London to/from New York and London to/from Hong Kong.

  • London – New York
  • London – Hong Kong
  • Sydney – Melbourne
London Photo credit Visit London

Business travellers flying further
Business travellers covered greater distances in 2024 than before the pandemic, with stabilised airfares in most regions providing corporate travel managers with greater budget clarity following sharp price increases in2023.

British business travellers led the trend globally, flying further than any other nation compared to 2019. French business travellers also saw significant distance increases due to government-imposed sustainability restrictions on domestic air travel in 2023.

Melbourne Photo credit Tourism Australia

 

 Average miles flown by European CTM travellers

  • UK: 3,821 miles (vs. 3,737 in 2023, 3,329 in 2019)
  • France: 3,183 miles (vs. 2,635 in 2023, 2,745 in 2019)
  • Germany: 2,173 miles (vs. 2,125 in 2023, 1,947 in 2019)

(Please refer to the report to view other territory data)

Airfare trends and booking behaviour of CTM customers
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.

Air booking lead times for CTM customers
While global booking lead times largely stabilised in 2024, regional variations continue to reshape these trends.

A key shift in 2024 was the return to longer booking lead times, with more trips being scheduled further in advance than at any point since 2020, signalling growing confidence among corporates.

North America saw the most significant shift of travellers booking 21+ days in advance (35% vs 24% in 2023). Europe and ANZ also witnessed an increase in 21+ day bookings, however only marginal in comparison. Asia stands apart with travellers booking closer to departure, driven by a growing low-cost carrier presence.

Accommodation market sees strong demand and longer booking lead times
Corporate accommodation demand remains strong, with average daily rates (ADRs) globally plateauing at 20-30% above 2019 levels.

Global hotel booking behaviour has shifted since 2019, with fewer reservations made within seven days of travel (52% vs. 61% in 2019) and more bookings secured 21 or more days in advance (24% vs. 18% 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.

Europe, ANZ and Asia were at the forefront of this shift, with 34% of bookings in ANZ, 36% in Asia and 32% in Europe made 21+ days in advance. This marks a notable increase from 2019 when the figures were 23%, 24%, and 28% respectively. Last-minute bookings remained dominant in North America, with 64% made within seven days.

“Our second Global Corporate Travel Trends Report underscores the robust recovery and expansion of corporate travel globally as we experience a strong period of growth with positive trends emerging across key areas,” said Michael Healy, CTM CEO Europe.

“Within our EU business, 2024 has seen record new client acquisition along with significant growth in our existing client activity, positioning CTM in a significant growth trajectory within the market.”

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