Corporate travellers to spend big on Melbourne F1 despite financial pressures
Despite the soaring cost of operating a business, corporates are still finding the cash to splash out on Grand Prix tickets in record numbers.
Corporate hospitality experiences costing $1550 to $4595 per person for the main race day only, or up to $6550 per person for two to three-day passes were almost sold out two weeks in advance, while air travel data showed a 146 per cent jump in bookings around the four-day event compared with last year.
General admission sold out within two hours demonstrating the value of investing in major events as a way of retaining key business connections and developing new relationships, even in uncertain economic conditions.
Financial pressure won’t curb travel
Amid widespread business downturns across various industries, the travel, hospitality, and entertainment sectors are set to outperform other sectors in 2024 with food and drink, entertainment, travel and experiences noted as categories where individuals are most inclined to increase their spending.
“It’s been a hard couple of years for many businesses, but our data strongly suggests that businesses across the country see value in major events like the Grand Prix,” global MD, Corporate Traveller, Tom Walley, said.
“This year, we have seen a massive increase in attendance by Canberra-based corporates compared to last, however, the majority of bookings are still from Sydney, followed by Brisbane, across both years.
“While expensive, events like this are a prime opportunity to network, nurture existing relationships and develop new business and sponsorship opportunities, savvy businesses from all over Australia are beginning to make the most of those benefits.”
Networking and marketing a priority
With the focus firmly on networking and brand exposure, corporate bookings between 20-25 March this year were up 146 per cent on bookings for the six days before, during and after the 2023 Grand Prix (29 March to 3 April). Of those, only 9 per cent were international and 91 per cent were local.
Of local bookings in 2024 compared with 2023, Canberra jumped by 300 per cent, Adelaide by 226 per cent, Brisbane by 191 per cent, Perth by 177 per cent, and Sydney by 194 per cent. Sydneysiders made up 36 per cent of all bookings.
Crowd-breaking records and a stellar line-up
In 2023, 444,631 people attended the Grand Prix over four days, a record attendance for Melbourne. Higher numbers are expected to flock to the Albert Park Lake circuit this year with race-day tickets selling out in a couple of hours. The Albert Park circuit can hold an estimated 125,000 people per day, including 44,000 seated.
“Business owners recognise the importance of investing time and money into their team and associates for long-term gains,” Walley continued.
“Grand Prix attendance has grown exponentially over the past couple of years as businesses recover, maintain and grow in a tumultuous economic climate.
“This is one expense that has the long-term potential to relieve financial pressure as well as give businesses and their employees a morale boost and something exciting to look forward to.”
The findings were released by Corporate Traveller, the flagship SME division of Flight Centre Travel Group.
The Australian Grand Prix is held annually in Melbourne over four days at Albert Park Lake. This year, it’s on from Thursday, 21 March to Sunday, 24 March. Corporate Traveller compared corporate inbound and outbound flight bookings from 20-25 March to capture travel to the four-day event. It found the Thursday is the busiest day, with 25 per cent of all bookings scheduled for this day.
Latest News
Two thirds of Australians support introduction of tourism tax, survey reveals
Can you guess which generation was the most outraged at the news? Hint: It is exactly who you think!
“The consumer really just wanted more classic reward availability” – customers underwhelmed by Qantas FF shakeup
All this consumer wants is to sit behind someone that doesn't push their seat back to near-horizontal levels.
Aussie travellers warned of ‘significant’ visa shifts in destinations including Chile, US and Vietnam
To be honest are biggest advice for having a layover in the US, is just don't.
Profile: Delta CEO Ed Bastian
Bastian says the airline business isn't for the faint hearted. We're sure Alan Joyce would agree!
Final Call: Travel DAZE Exec early birds are about to expire
Much like the auctioneer at the hottest sale of the year, we're giving you one more chance to jump at this deal!
Forget the weekend! Experience Gold Coast launches mid-week travel campaign
Your boss might be a bit bothered if you jet off mid-week, but you'll be the envy of all of your Instagram followers.
Victorian Tourism Industry Council warns of losing tourism dollars to NSW & QLD
Trendy cafe's hidden in CBD laneways can only get so many tourism dollars, clearly!
AIME 2024 rustles up $330m for APAC economy
This figure is a 65 per cent increase on 2023, much alike The Nibbler staff's alcohol consumption.
Amex GBT to purchase CWT for $871m
It's big deals like this that get a firm handshake - hence the sore hands over at the CWT and Amex GBT offices.
Boeing cleanout: CEO, chair to go as safety crisis plagues the manufacturer
CEOs are falling thick and fast these days. We should have started up a bingo game with their headshots in the office.
Star boss resigns, admits retaining NSW casino licence unlikely under his leadership
The CEO resigned after 18 months in the role. 'Another one bites the dust' rumoured to be heard playing in Pyrmont.
Corporate Traveller swings amateur golfers around the globe for World Golf Competition
How're your golf skills? Consider yourself a Tiger Woods or often get quadruple bogeys? We take after the latter.
Bonza officially kicks off Gold Coast-Darwin route
The Flying Purple Thumb is back at it with another route. We swear, we're going to make this nickname stick!
South West Sydney Tourism launches Western Sydney Tourism Awards
Penrith's 3 consecutive NRL premierships wasn't enough? The people of Western Sydney could fill the trophy cabinet more!
Hotels vs. Airbnb: Industry leaders at odds over who should pay accommodation levy
There's not as much gore in the Hotels vs. Airbnb saga as there is in Alien vs. Predator, but it's just as thrilling!
Singapore Airlines revamps premium economy with new menu, amenity kit
Felt Singapore Airlines was lacking "the sauce" (as the kids say). Bolster belief in the carrier's je na sais quoi here.
Business Events Adelaide set for 20th Destination SA event
Destination SA turns 20! Hopefully it's not celebrated with vodka cruisers and vapes like most 20th birthdays.
Boeing’s woes delay massive Virgin Australia order
This delay means Virgin staffers will be without that new plane smell, inspiring us to sell it in a can.
All the winners from the 2023 Qantas Australian Tourism Awards
Somehow missed this news recently? Good thing you're subscribed to our fabulous newsletter!
Corporate international travel from Brisbane up 30% YOY: Flight Centre
Queenslanders seem keen to go somewhere that actually serves good beer! Sorry, we actually like Great Northern.
Amora Brisbane undergoes $30m remodelling, geared up for MICE offerings
When $30m goes into an amazing hotel to get it geared up for MICE offerings, that's amore!
Corporate Travel Management’s CEO Laura Ruffles steps down
CTM confirmed that Ruffles will be stepping down due to a personal health issue, effective immediately.
Qatar Airways crowned World’s Best MICE Airline at World MICE Awards
You could say Qatar Airways really 'nabbed the cheese' with this one! Alright, we'll see ourselves out...
Qantas, Jetstar & Virgin hike airfares as supplier costs inflate
Supplier increases means you'll pay more. It's like pass the parcel, but instead of getting a present, you owe money.
NSW Central Coast wins global sustainability award for promoting ecotourism at ITB
NSW Central Coast jumped the gun on St. Patricks Day and got the green celebrations going early!
PHOTOS: RuPaul’s Drag Race stars hit Kings Canyon for Priscilla’s 30th anniversary
The stars have renamed the iconic spot 'Queens Canyon'. No name change to the adjacent 'Priscilla's Crack', however.
Air NZ to suspend Auckland-Chicago route amid aircraft troubles
Sorry Kiwis, your craving for authentic deep dish pizza will go unsatiated (or you could just fly with another airline).
Tasmanian Premier promises to build the world’s largest chocolate fountain if re-elected
If only sticky 6-year-old children could vote. Then the Tassie Premier would be guaranteed a victory!
The staggering amount invested in 2022/23 Australian tourism projects revealed!
Any guesses on how much it was? We'll give you a hint: It's between $1 and $9 trillion (hope this helps).
Marriott’s Bonvoy Lounge makes it a 5-peat at Formula 1 in Melbourne
If Formula 1 is so good, then why isn't there a Formula 2? Oh there is one... Never mind.
Virgin Australia posts $236m profit, but the outgoing CEO warns of turbulence ahead
Hrdlicka warns of tough times ahead, just after announcing she's leaving. We wonder if there could be a connection!
Ascott opens new 255 room property in Central Sydney
Bored of your bedroom and want 255 new ones to try? The new Ascott property is here to solve this very specific problem!
Work and play at the Radisson RED, Auckland
We aren't going to tell you what order to work and play in, just that you should be looking to do both at Radisson Red.
Swiftonomics 101: Just how much did fans spend travelling to see Taylor Swift?
Thought you'd heard the last of Swift, huh? Not in your Wildest Dreams could Swiftomania go out of Style!
Rex posts a $13.3m turnaround for 1H24, but still at a loss
Rex is slowly making its way back to pre-pandemic form. Much like us with our sporadic attempts at exercise.
Destination NSW launches new corporate website to boost visitor economy
No plans this afternoon? Take the new DNSW site for a test drive and click as many buttons as you can.