China sees major growth in business travel spend

Asia Pacific is the leading region in the world for business travel with spend expected to hit a record £230bn in 2014, according to the Global Business Travel Association (GBTA).

China number one business travel destination in the world
China number one business travel destination in the world

The GBTA Annual Global Report & Forecast, which analyses business travel spend in 75 countries, revealed that growth in business travel spend in China far outpaces the rest of the world.

Business travel spend in China has grown from £19bn in 2000 to £132bn in 2013, an average of 16.2% per year. By comparison, growth in business travel spending in the US has grown at an annual rate of just 1.1% since 2000.

Asia Pacific has the largest share of the business travel spend market with 38%, followed by Western Europe with 24% and North America with 21%.

Michael McCormick, executive director and COO at the GBTA, said: "This report underscores that China, along with the other BRIC countries of Brazil, Russia and India, are leveraging their business travel expenditures into more economic opportunities. We expect to see this shift in business travel spending to continue."

The UK, positioned in fifth place in the rankings, saw business travel spending grow by 1.9% to £24bn in 2013.

The GBTA Report forecasts global business travel spending to hit a record £700bn in 2014, representing a 6.9% growth over 2012.

Elsewhere, the report predicted that the current instability in Ukraine poses a major risk to business travel growth in 'Emerging Europe', with the escalating situation threatening to push Europe and Russia into a recession.

In recent years Russia was seeing growth in business travel spending, but sanctions from the West are beginning to take their toll on the country, which, according to GBTA, will result in a fall of more than 5% in business travel spending this year.

In March, the GBTA predicted business travel spending in the UK to increase by 4.4% to £25bn in 2014, with business travel spending amongst the top five markets in Europe expected to reach £112bn.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Businesses routinely miss out on sales leads at trade events, research reveals

Businesses routinely miss out on sales leads at trade events, research reveals

Generic sales pitches, misspelt names and 'hard-sell' techniques are leading to lost revenue and business opportunities.

Most popular European cities for MICE bookings revealed

Most popular European cities for MICE bookings revealed

Tech company Aventri ranks cities' popularity for meetings and events based on bookings made through its venue sourcing platform.

'My MD gives me additional roles to help me learn, and experiences to develop my skills'

'My MD gives me additional roles to help me learn, and experiences to develop my skills'

A-List 2019: Anna Clarke is senior account executive at Ex Events.

Reinventing networking with 'brain dates' for attendees

Reinventing networking with 'brain dates' for attendees

Fundamental changes are needed to reorganise events around face-to-face connections rather than content, says agency director.

Live Union welcomes three new faces

Live Union welcomes three new faces

Marketing director, business development director and production manager all join the London-based team

No one should be expected to work for free and the same goes for speakers

No one should be expected to work for free and the same goes for speakers

It's unethical to expect speaking gigs to be unpaid, says Nick Gold, MD of Speakers Corner.

'I don't think I would have had the same opportunity and support in a bigger company'

'I don't think I would have had the same opportunity and support in a bigger company'

A-List 2019: Olivia Chilton, senior account executive at Clear Partners.

In pictures: Meet Dublin in London cruise

In pictures: Meet Dublin in London cruise

The Dublin Convention Bureau hosted its 10th anniversary 'Meet Dublin in London' on the Thames.

Kimpton Blythswood Square Hotel opens in Glasgow

Kimpton Blythswood Square Hotel opens in Glasgow

Luxury hotel has 113 rooms, a Bo & Birdy restaurant and bar and private roof garden with views of the city.

'I'm fortunate to work on events that you sometimes have to pinch yourself at'

'I'm fortunate to work on events that you sometimes have to pinch yourself at'

A-List 2019: Michael Charles, creative director, Julia Charles Event Management.

LATEST JOBS