Global business travel grows by 12% but UK 'stagnant', say experts

Delegates at the inaugural Business Travel Market Knowledge Forum have heard that business travel has grown by 12% globally, but the UK has remained stagnant.

Global business travel
Global business travel
Attendees at the Soho Hotel event, held on 24 June with more than 70 speakers, heard from Euromonitor International, which kicked off the event with a positive update.

Trends, outlined by Tahiyya Murine, senior research manager at Euromonitor International, showed a stable industry, holding lots of potential and a global growth of 12% to £112bn ($176bn).

She also reported large growth in the Asia Pacific market – a recurring theme of the day – that is now looking to be the main rival to Western Europe in this market.

Further trends pointed to significant growth in the Chinese outbound market, with India set to hold the biggest business arrivals volume by 2017.

Meanwhile, Turkey was name-checked as a growth market, with a rise in corporate cruises.

The event was the first of a series of Knowledge Forums from the show, and was produced in partnership with Kingley Events.

Elsewhere, Bob Schumacher, managing director sales, UK & Ireland, United Airlines discussed the correlation between business growth and the GDP performance of the destinations the airline operates in.

He said the UK market remains a stagnant one in a 'holding pattern', whilst still reporting fewer passenger numbers. He also underlined the major issue of excess of supply within the global marketplace, which he said operates on low profit.

The Business Travel Market Knowledge Forum will be the first of many educational forums from the show that takes place 6-7 November at Excel London, UK.
C&IT recently teamed up with City AM for a business travel supplement, which will be online as a pdf soon. C&IT covered the latest business travel trends here.

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