Business travel in China will eclipse US growth, study says
A new study predicts that the growth of business travel in China and Japan will exceed US growth over the next five years.
“This study is the most comprehensive look at the global business travel industry available today,” said Kevin Maguire, president and CEO of the National business Travel Association (NBTA), which did the study. She added:
“Corporations can leverage this insight to guide their travel programs and preferred supplier market strategies across the globe for many years to come.”
The study evaluating business travel growth through 2013 for 72 countries points out that developing nations such as India, Vietnam, Iran and Indonesia will see significant compound annual growth rates over the same time period.
“Developing countries are proving to be fertile business-travel areas,” said Rob Greyber, president of Egencia, which co-sponsored the study. He added:
“Over the next five years, we’ll see countries like India and China grow at rates of 5.3 and 6.5 percent respectively, versus the US projected growth rate of 0.3 percent.”
The study found that the North America, Western Europe and Asia Pacific regions each represent about 30 percent of the global business travel market (90 percent combined), estimated to total $929 billion in 2008. This figure includes both domestic and outbound international travel.
The remaining 10 percent of global activity takes place in Latin America, Emerging Europe, the Middle East and Africa.
The United States represents the largest piece of global business travel spend with $261 billion or 28 percent of the world total, followed by China at 10 percent and Japan at 8 percent.
by David Wilkening
David
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