At the end of 2015, China overtook the United States in business travel spending by a mere $1 billion, spending $291.2 billion total. According to a new survey from the Global Business Travel Association Foundation, China’s business travel spending is only expected to grow, by as much as 10.1 per cent in 2016, reaching $320.7 billion. Meanwhile, U.S. business travel spending growth is only projected to increase by 1.9 per cent, to $295.7 billion.
“Despite a relative slowdown, China’s business travel market remains one of the fastest growing in the world. China surpassing the United States in business travel spending marks a major inflection point and truly demonstrates the global nature of today’s economy,” said Michael W. McCormick, executive director and COO, GBTA.
While there were concerns early in the year regarding China’s financial markets, current predictions point to continuing GDP growth moderation, particularly as China aims to grow its economy through at-home consumption rather than investment and exports.
The business travel spending in China is primarily for domestic business travel, which accounts for 95 per cent of the total spend. As travel demand rises, the hospitality and travel industries are catering to business traveler needs, with more than 70 per cent of the Asia Pacific hotel pipeline attributed to China, and plans for dozens of new airports under consideration.
Following in China’s footsteps is India, which, while currently the 10th-largest business travel market in the world, is predicted to experience tremendous growth, climbing into the business travel market top five by around 2030. Recognising the country’s market potential, the Global Business Travel Association is launching a new India branch, to help further establish business travel in the country.
“The business travel market in India is one of the healthiest in the world and given its exponential growth rates, there is a clear need for innovative education and training to ensure there are enough qualified business travel professionals to keep up with the rise in demand,” said McCormick.
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