Corporate travel is making a comeback, driven by the slew of reopening
announcements and relaxation of restrictions by several Asia markets in
the flagship business division of Australia’s Flight Centre Travel
Group, has exceeded the 50% trading mark of pre-Covid turnover following
the recent reopening of borders and the relaxation of restrictions in
several key Asia markets.
Notably, its Singapore business posted a 62% month-on-month increase in turnover for March.
Singapore's announcement to reopen the country on 1 April was "the
tipping point which drove a marked recovery for our business in the
region", said Bertrand Saillet, managing director for FCM in Asia.
According to FCM’s booking figures, companies in the manufacturing
and technology sector are leading the business travel bounce back.
Pre-pandemic, both were key markets driving business travel and they
continue to dominate the charts as markets in Asia reopen at varying
rates across the region.
Rounding up the top three was the services sector that includes
business solutions, logistics, medical and insurance companies. The
biggest mover was marine and agriculture where they moved into the top
ten for the first time in Q1 of 2022, shooting straight in from a
previous rank of 21 into number seven.
Top 10 travelling industries (1Q 2022):
Services (includes business solutions, logistics, medical, insurance)
Finance & Insurance
Marine and Agriculture
Health Care & Social Assistance
Transportation & Warehousing
Looking ahead, FCM expects accelerated recovery from its key Asia markets in the coming months.
According to Timothy Williams, chief financial officer for FCM in
Asia, said: “Transaction levels for corporate travel in global markets
which have opened since Q4 2021 have seen a bounceback between 50-70% of
pre-covid levels, with some markets hitting 100% recovery this quarter,
performing even better than pre-covid levels.
"This positive trajectory indicates a strong desire to return to
in-person meetings for successful business development in 2022 and we’re
confident that Asia’s recovery will mirror that of the Americas and
Europe in the coming months.”