The top three corporate travel routes for Corporate Travel Management (CTM) customers in 2024 were London-New York, London-Hong Kong and Sydney-Melbourne, according to the Australian-based TMC’s Global Corporate Travel Trends Report.

Corporate travelers, according to the report, are covering greater distances in 2024 than before the pandemic, with stabilized airfares in most regions providing travel managers with greater budget certainty following sharp price increases in 2023. British business travelers led the trend globally, flying farther than any other nation compared with 2019. India’s rapidly growing corporate travel market also experienced a significant increase in travel distances compared with 2019, with North America emerging as a key destination.

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, said the report, suggests a potential market correction following the strong price recovery period of the previous two years.

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

Corporate accommodation demand remains strong, with average daily rates (ADRs) globally plateauing at 20%-30% above 2019 levels. Global hotel booking behavior 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.

Anita Salvatore, CTM’s CEO North America, said the insights in the report “reveal a corporate travel landscape that is not only rebounding but evolving in ways that drive long-term resilience and value.” With airfare pricing stabilizing, capacity increasing and hotel demand remaining strong across key markets, she said, “businesses are approaching travel with renewed confidence.”