CTM year-in-review: Key business travel trends in 2024

As we wrap up 2024, we reflect on and celebrate 30 years in business travel and thank all our valued employees, customers and partners throughout our journey. This year brought evolving business travel trends, new innovations and achievements that redefined how our customers travel.

In our 2024 year-in-review video, join our Founder and Managing Director, Jamie Pherous, and Chief Operating Officer, Eleanor Noonan, as they discuss the year’s trends in service, technology, automation and culture. Hear firsthand how evolving business travel trends and our customers’ needs have guided the transformation of business travel in 2024.

 

Evolving corporate travel patterns and supplier dynamics

In 2024, global airline seat capacity surpassed 2019 levels signalling a strong recovery, with regions like Africa and Latin America showing the highest growth. CTM’s corporate travel bookings began to reflect pre-pandemic patterns, with 37% of bookings made more than 21 days before departure compared to 36% in 2019. This shift highlighted both a stabilised industry and renewed confidence in forward planning.  CTM corporate travel data demonstrated longer travel distances were also a major trend for CTM customers, with Singaporean travellers covering the greatest distances, while those from the UK and India saw the greatest growth in distance since 2019. In contrast, travel distances in Japan and Hong Kong remained closer to home.

As capacity grew, airlines saw load factors hit an all-time high of 86.2% as reported by IATA in their August 2024 air passenger market analysis, particularly on long-haul routes (up 10.6% year on year). Some airlines invested in revamping their premium economy cabins tempting corporate travellers seeking additional comfort and productivity.  Airlines also responded with upgraded business class offerings, reinforcing loyalty programs and innovations like New Distribution Capability (NDC) gained traction, allowing for greater personalisation.

With new reporting mandates like the Corporate Sustainability Reporting Directive (CSRD), companies have increasingly tabled sustainability (albeit at various stages of their journey) as part of their travel program strategy. They are seeking to better understand their business travel carbon footprint through data insights and have access to travel tools that feature information such as emissions or SAF scoring to encourage travellers and bookers to make more sustainable choices. We have witnessed airlines investing in sustainable aviation fuel and the first low-carbon hotel program where the hotels have no fossil fuels combusted on-site and are backed by renewable energy.

The rise of AI and predictive technology in travel management

We have witnessed AI reshaping corporate travel in three main ways; enhancing the overall booking experience, driving cost efficiencies, and enabling highly customised, automated solutions for travellers. AI has driven a major shift across the travel industry, transforming customer service and personalisation. Virtual assistants like CTM’s AI-powered chatbot, Scout, have become essential for fast, real-time support, allowing customers to manage bookings on their own schedules. Predictive analytics are empowering travel managers with data-driven insights on costs, schedules and customer preferences, giving companies a strategic advantage in managing travel programs effectively. This technology has enabled customers to optimise expenses, enhance traveller satisfaction and build more resilient travel strategies.

Meanwhile, CTM’s Sleep Space (initially launching in Australia), introduced a streamlined hotel sourcing and distribution solution with a diverse selection of negotiated rates including global and regional accommodation options. This platform has helped simplify the hotel sourcing process and supports the delivery of consistent, high-quality accommodation options and specialised offers for customers via a direct channel.

Legal and data security increasingly important for customers

Data security has become a significant focus for CTM customers. Throughout the year, we saw more detailed RFPs centred on business continuity, supply chain integrity and data handling practices. To meet these needs, CTM’s legal and data security teams provide specialised support across all regions, ensuring transparency around our data management and protection practices. Our recently updated global privacy policy underscores our commitment to digital safety and data resilience.

Welcoming the New Year

As we step into 2025, we extend our sincere gratitude to our valued customers and supply partners for your ongoing collaboration and support. Your feedback has been invaluable in shaping our service and travel management solutions while our supply partners have been essential in getting our customers safely from A to B, providing a home away from home, and creating personalised and memorable experiences for our business travellers.

At CTM, we’re excited to continue supporting you with innovative, tailored solutions designed to meet the demands of an ever-evolving travel landscape. Thank you for being a part of our journey this year and we look forward to our partnership in the year ahead.