SINGAPORE: Singapore has outpaced its Asian counterparts in business class travel growth among travellers from the Americas and the United Kingdom, according to a new report from FCM Travel published by the Singapore Business Review.
The report highlights a significant shift in corporate travel patterns, with more business travellers choosing premium services when flying to Asia, as the region continues to dominate year-on-year growth for business class flights.
Top destinations for corporate travellers from the Americas include Thailand and India, while Hong Kong and Malaysia are leading choices for business passengers from the UK. On a global scale, Malaysia (31%), Hong Kong (19%), India (18%), the Philippines (9%), and China (8.8%) stand out as key growth markets in the first half of 2024, compared to the same period last year.
According to Bertrand Saillet, Managing Director of FCM Travel Asia, Asia is now the world’s second-most integrated trade region, after the European Union. In 2022, nearly 57% of Asia’s trade value originated within the area, underscoring its growing importance for businesses. This surge in premium travel reflects the broader economic dynamics at play, with Asia emerging as a critical hub for global commerce.
McKinsey & Company notes that while trade between the U.S. and China has decreased, ASEAN countries have positioned themselves as vital connectors between the two economies. Saillet also pointed out that with trade taking center stage in 2025, especially under a potential Donald Trump administration, the importance of business travel will remain unchanged.
As businesses increasingly look to Asia for growth, the demand for premium travel services is expected to continue its upward trajectory, further cementing the region’s position as a key player in the global economy.