In August 2024, companies’ estimated expenses for corporate travel reached R$12.1 billion (about US$2.13 billion), an 8.2% increase compared to the same period in 2023. This figure is the highest recorded for August since the series began in 2011.
These insights are from the most recent Corporate Travel Survey (LVC) conducted by FecomercioSP. Additionally, the total for the first eight months of the year showed growth of 4.9% compared to the same period last year, resulting in an overall revenue of R$82.6 billion (about US$14.55 billion) for the segment.
This profit reflects the market’s ongoing growth. The rise in accommodation and transportation rates and the increasing demand for these services significantly contributed to the positive final balance.
According to the Brazilian Hotel Operators Association (FOHB), the overall average reservation prices in Brazilian hotels increased by approximately 13.4% between August 2023 and 2024. Regarding air transport, the National Civil Aviation Agency (ANAC) reported a fare increase of 5%.
August is considered a favorable period for the market, as there are no extended holidays. Additionally, it marks the resumption of business activities following the end of the July vacation period, which tends to intensify in the second half of the year, as noted by experts.
The growth of the Brazilian economy significantly contributed to the increase in revenue for the travel sector in August 2024. According to the Central Bank, Brazil’s GDP grew by 3.1% during this period, which encouraged the hiring of travel services.
Overall, this represents a remarkable achievement for the corporate travel sector. The record revenue reached in August highlights the importance of corporate travel in the country’s economic dynamics.
“In the coming months, the market shows promising prospects. As speculated by GBTA’s CEO, Suzanne Neufang, we are on track to end the year with an annual revenue of R$ 165 billion (approximately US$ 29 billion), which will solidify our prominent position in the global rankings,” added the director.
