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In a testament to the resurgent interest in face-to-face gatherings, FCM Travel India announced a remarkable surge in its Meetings & Events revenue. The growth, an impressive 50% jump in just half a year, speaks volumes about the shifting dynamics in the corporate sector. The ripple effects of this rise are felt across the industry, irrespective of the evolving corporate culture and budgetary considerations.

A recent Global Quarterly Trend Report by FCM Consultancy pinpoints in-person meetings as the primary driver behind corporate travel. Despite the escalating costs associated with travel and accommodation, there’s an undeniable spike in physical events and gatherings. It is a telling sign that in a digital age, the allure of personal connections remains unbeatable.

Hotel tariffs across Asia mirror this trend, with a notable 26% spike on average. Topping the list is Bangalore, with a room rate of USD$190 per night. Delhi trails close behind, demanding a tariff of USD$150 nightly. It’s not just hotel rates that are on the rise. Airfares, too, echo a similar pattern. Economy class tickets for a Mumbai-Delhi journey have seen a 15% increase, while business class tickets have increased by 9%. The Mumbai-London route, meanwhile, witnessed a 26% rise in economy fares, making it the most significant hike in all of Asia. The business class segment on the same route saw a 20% increment.

The COVID-19 pandemic compelled numerous companies to hold off on their travel plans. This lull created a backlog for product launches, business conferences, and other corporate events. But as the restrictions began to lift, the industry didn’t just rebound; it emerged more robust and resourceful.

Reflecting on this trend, Manpreet Bindra, the President of FCM India Meeting & Events, remarked, “While the travel surge in 2023 mirrors the dismantling of national restrictions and a pent-up eagerness to travel, we anticipate a more stable scenario in 2024, giving us a clearer picture of genuine demand.”

Nevertheless, the swiftness with which the industry pivoted back to in-person events was not without challenges. Stakeholders faced numerous hurdles, from venue availabilities to airlift capacities, from labour crunches to supply chain interruptions. Bindra notes that while these issues are declining, a complete stabilization is projected only by 2024. Yet, this indicates ample room for future growth and opportunities.

Bindra’s optimism about 2023 is palpable. He emphasized the need for adaptability as the sector grapples with a resurgent business event environment, ever-evolving work modalities, changing travel mindsets, and persistent logistical challenges.

Further highlighting the trajectory of India’s corporate events domain, FCM Meetings & Events India released a report elucidating seven pivotal trends shaping the industry in 2023.

In this era of digital interactions, India’s corporate world seems to be making a resounding statement: personal meetings and events are here to stay and are growing more robust than ever.