Business travel saw steady growth throughout 2024 as companies increasingly prioritized in-person meetings, industry events, and cross-border collaboration. This shift back to face-to-face interaction underscores the value of corporate travel in strengthening relationships, closing deals, and unlocking new business opportunities.
According to SAP Concur’s Global Business Travel Survey, 76% of global business travelers enjoy their trips, and 67% believe travel is essential for career growth. SAP Concur’s data also reveals patterns in local travel demand, showing how businesses are focusing on meaningful connections and business development while managing costs. Domestic airline ticket sales grew by 70% from December 2023 to January 2024, with another 49% increase in February, followed by a 25% decrease in March. Demand peaked again in October.
The strong start to 2024 highlighted the strategic approach businesses are taking to travel, adjusting schedules to align with seasonal demand and key industry events. However, managing travel costs remains a priority, as airfares fluctuate due to factors like fuel prices and inflation. Strategic planning and effective travel management allow companies to maximize their presence at important business moments while staying within budget.
As travel demand shifts throughout the year, managing costs remains crucial. SAP Concur’s data shows fluctuations in domestic airfare prices, with the average ticket reaching $426 in February, dropping to $422 in March, and decreasing further to $392 in July before spiking to $447 in October. Prices fell back to $376 by December. These variations reflect seasonal demand, fuel costs, and broader economic factors, prompting companies to closely monitor travel expenses while balancing the need for in-person engagements and corporate mobility.
