Wednesday - Aug 23, 2017

Business travel to the Asia Pacific region growing at a record pace


Business travel to the Asia Pacific region growing at a record pace

According to a newly released travel survey, business travel within the Asia Pacific region, particularly dominated by China, has now reached a level that it exceeds the rest of the world.

The GBTA Foundation has forecast that expenditure on global business travel will surpass $1.18 trillion during 2014, making for a 6.9 percent increase over the previous year.

The 2014 industry standard GBTA BTI Outlook – Annual Global Report & Forecast, which provides details of business travel expenditure in 75 countries across the world, reports that the Asia Pacific region generates the largest percentage of business travel expenditure at 38 percent, followed by Western Europe with 24 percent, and North America with 21 percent.

In their report, GBTA also went on to forecast that Asia Pacific will have gained another 5 percent in market share by the year 2018, while, during the same period, business travel to and from the US and Western Europe will have retracted by three per cent and two per cent respectively.

Business travel spending to and from China has increased at a rapid rate from US$32 billion in 2000 to US$225 billion in 2013, equivalent to an average increase of 16.2 percent annually. During the same period, growth in business travel spending in the United States has increased by an annual rate of just 1.1 percent.

The GBTA Foundation is the education and research arm of the Global Business Travel Association.

Photo credit: Rene Ehrhardt

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