Corporate travel surges as hospitality demand grows at Australian Grand Prix
Corporate attendance at the Australian Grand Prix is increasing rapidly as the popularity of the Melbourne F1 event continues to grow despite rising cost of living and business costs.
Australian Grand Prix ambassador Jacqui Felgate with Marriot Bonvoy ambassador Dylan Alcott on Monday at the Australian Grand Prix. (Getty Images/AGPC/Supplied)
According to data from Flight Centre’s Corporate Traveller division, air travel data showed a 146 per cent increase in travel to the event for corporate bookings in 2024, which also doesn’t account for increased corporate attendance from Melbourne-based businesses.
The increased popularity could be a reason why more well-off travellers are turning to corporate tickets with general admission selling out within two hours.
Hospitality options, which range from $1550 to $4595 per person on race day or up to $6550 per person for a three-day pass, were also almost sold out two weeks in advance.
On the eve of the grand prix, only select tickets remained available, including the most expensive option, the Red Bull Energy Station, which features a view of pit exit and potential appearances from Red Bull drivers and team personnel.
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, according to Corporate Traveller.
Food offerings inside the Lavazza Atrium at the Australian Grand Prix. (Getty Images/AGPC/Supplied)
“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,” said Tom Walley, Corporate Traveller’s global manging director.
“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.”
Attendance from the nation’s capital has surged by more than 300 per cent according to the data provided, with travel from Sydney and Brisbane up almost 200 per cent.
The most travellers came from Sydney, making up 36 per cent of bookings.
“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,” said Walley.
“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.”
