Business travel spend in China falls short in 2014

Business travel spend in China has grown by a lower than expected 1.6% in 2014, with decelerating economic growth and the increased cost of compliance to blame.

Business spend in China falls short to 1.6% in 2014
Business spend in China falls short to 1.6% in 2014

Business travel spend in the country was originally predicted to grow to 4.3%, however, according to the American Express Business Travel 2014 China Business Travel Survey, growth fell short to only 1.6% in 2014.

Despite this, business leaders and travel managers still expect to grow their travel and expense (T&E) budgets by 3.5% in 2015.

The survey also found that only 34% of organisations plan to increase their T&E budgets in 2015, compared to 40% in 2014 and 49% in 2013 even though the number of employees travelling for business in 2014 increased to 38% from 33% in 2013.

Marco Pellizzer, vice president, American Express Global Business Travel and general manager, CITS American Express Business Travel, said: "Despite concerns about the softening rates of economic growth, and the increasing cost of doing business in China, it appears as though company leaders remain optimistic and still recognize the value of their business travel investment."

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