One of the biggest travel management businesses in the world, FCM Travel, has quadrupled the size of its team to support its operations in Guangzhou and opened a new office in China’s Greater Bay Area (GBA).
FCM began operations in Guangzhou in 2004 and will celebrate 20 years in China the following year. “GBA is economically and strategically significant for our business in China since the region has seen growth of more than 200%, which demonstrates the market’s potential. According to Calvin Xie, General Manager of FCM China, “this expansion serves as an extension to support our customers in Hong Kong as well as to achieve further synergy within GBA.”
According to the Q2-2023 study from FCM Consulting, “the demand for business travel, meetings, and events remains strong despite high airfares and hotel room rates.”
“We’ve seen a rebound in domestic business travel, which indicates prospects in the nation. Today’s demand for domestic air travel is only 1% less than it was in 2019. Business travel is a major factor, and China’s reopening has sparked an increase in international travel.
“To strengthen the brand’s position in the Chinese market, FCM has made a number of key investments in China. This includes the debut of an exclusive travel management system, FCM Platform, developed especially for China and providing our clients with access to cutting-edge technology. Our seasoned travel advisers speak both Mandarin and Cantonese, which helps them interact with consumers effectively and maintains our top service, noted Xie.
During FY23, Flight Centre Travel Group (ASX:FLT) saw a significant profit turnaround. The diversified international travel company produced underlying EBITDA of AUD$301.6 million for the fiscal year that ended on June 30, 2023, a nearly AUD$485 million improvement over the underlying loss of AUD$183.1 million in FY22.
The corporate travel segment of FLT continued to outperform, handily outpacing the recovery of the larger market and generating record TTV in FY 23. The AUD$11 billion FY23 result reflected a 96% year-over-year gain (FY22: AUD$5.6 billion) and an increase of about 25% over the previous TTV record (FY19: AUD$8.9 billion).
Source- Travel daily
Link- https://www.traveldailymedia.com/fcm-travel-expands-presence-in-chinas-greater-bay-area/