As the world of corporate travel evolves, global travel management
company FCM has conducted a comprehensive analysis of cabin class
bookings in Asia for the year 2023, comparing them to the pre-pandemic
year of 2019.
China: Economy class on the rise
In China, the data reveals a significant shift in cabin class
preferences. The largest increase was seen in economy class bookings,
which surged by 19%. This substantial rise can be attributed to the
economic conditions in the region.
Meanwhile, business-class bookings experienced a more modest increase
of 0.4%. Premium economy and first-class bookings saw marginal
decreases of 1% and 0.1%, respectively, compared to 2019.
Singapore: Steady cabin class patterns
In Singapore, where air capacity has reached 88%, the cabin class
booking patterns have remained relatively stable. Economy class bookings
in FCM Singapore saw an uplift of more than 4.7%, contributing to an
overall growth in bookings compared to 2019.
Business class bookings increased by 1.7%, and premium economy class
saw a 0.1% increase. First-class bookings experienced a minimal dip of
0.02%.
India: Domestic travel drives economy bookings
In India, the increase in economy class and premium economy class
bookings can be attributed to the surge in domestic travel within the
same period.
Economy class bookings increased by 3%, and premium economy class
bookings saw a 1.7% uptick. However, with international travel capacity
not yet back to 2019 levels, there were nominal decreases of 1.3% and
3.8% in first-class and business-class bookings, respectively.
Malaysia: Domestic market boosts bookings
Malaysia, another domestic-driven market, experienced an 8.6%
increase in bookings in 2023 compared to 2019. Economy class bookings
grew by 2%, and business class bookings saw a slight increase of 0.16%.
Premium economy class and first-class bookings remained relatively
stable during this period.
Hong Kong: Recovery on the horizon
While Hong Kong has faced unique challenges, it is gradually catching
up with the rest of Asia. FCM observed a dip in all four cabin class
bookings. However, as air capacity increases month by month, the
projections indicate that Hong Kong could potentially reach 78% seat
capacity by November 2024. FCM Asia anticipates increased bookings
across all cabin classes in line with the ongoing recovery of air
capacity.