Australian Grand Prix draws record corporate crowds despite rising business costs

And it’s not just trackside luxury that’s booming. Air travel bookings around the four-day event jumped 146% compared to last year. These numbers prove that major events like the Grand Prix remain a prime opportunity for businesses to strengthen key connections and build new relationships, even in an uncertain economic climate.

Held annually at Melbourne’s Albert Park Lake, the Australian Grand Prix runs from Thursday, 21 March to Sunday, 24 March. Travel data shows that Thursday is the busiest travel day, with 25% of all flight bookings scheduled for that day, as business travellers and F1 fans alike touch down for the high-speed action.

Businesses under financial pressure but experiences still win out

Over the past two years, businesses have been feeling the financial squeeze just like Australian households^[2]. Rising interest rates, soaring fuel and material costs, and a war for top talent in a competitive job market have only added to the pressure. Many businesses are now dipping into cash reserves just to stay afloat or manage debt^[3].

While businesses may be tightening their belts elsewhere, premium experiences are proving to be worth the investment, which is good news for travel, hospitality, and entertainment. These industries are set to outperform others in 2024, as spending on food, drinks, entertainment, and travel continues to hold strong^[4].

Tom Walley, Corporate Traveller's Australian-based Global Managing Director, says:

“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. 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 brand exposure take pole position

For businesses, the Australian Grand Prix is all about networking and marketing, and the numbers back it up. Business travel bookings between 20-25 March surged 146% compared to the same period around the 2023 Grand Prix (29 March to 3 April). And while the event attracts global attention, it’s largely a homegrown affair, with 91% of bookings coming from within Australia.

Among local travellers, some cities saw staggering increases:

• Canberra: up 300%
• Adelaide: up 226%
• Brisbane: up 191%
• Perth: up 177%
• Sydney: up 194% (making up 36% of all bookings)

Luxury at full throttle with Grand Prix hospitality experiences

When it comes to high-end hospitality, corporate guests have plenty of options, but they don't come cheap. The Grand Prix offers 19 exclusive experiences, with the Red Bull Energy Station at the top of the price range at $6,550 per person for three days. Set in a two-storey facility overlooking the pit exit and main straight, it’s packed with dining, drinks, DJs, live entertainment, and even appearances from the Red Bull racing team^[5].

For those looking for a premium experience at a slightly lower price point, The Park was the most affordable three-day option at $2,195 per ticket, offering dining, DJs, and a prime outdoor viewing deck^[6].

Record-breaking crowds and a star-studded line-up

The Australian Grand Prix isn’t just fast on the track, it’s breaking records off it too. In 2023, a record attendance of 444,631 fans filled Albert Park over four days^[7], and 2024 is shaping up to be even bigger. Race-day tickets flew off the shelves in just a couple of hours^[8], with even more motorsport fans expected to descend on the circuit this year.

The Albert Park circuit can hold up to 125,000 people per day, including 44,000 seated spots, making it one of the biggest sporting spectacles in the country. And with the hype growing every year, it’s clear the Grand Prix is an event you don’t want to miss.

Tom says: “Business owners recognise the importance of investing time and money into their team and associates for long-term gains. Australian 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.”

About Flight Centre Travel Group

The Flight Centre Travel Group is one of the world’s largest travel retailers and corporate travel managers. The company, which is headquartered in Brisbane, Australia, has company-owned leisure and corporate travel business in dozens of countries, spanning Australia, New Zealand, the Americas, Europe, the United Kingdom, South Africa, the United Arab Emirates, and Asia. ASX listed Flight Centre Travel Group (FLT) also operates the global FCM corporate travel management network, which extends to more than 100 countries through company-owned businesses and independent licensees, along with Corporate Traveller, the flagship business specific to the small-to-medium-sized enterprise sector. For more information, visit fctgl.com.