China is forecasted to overtake the US in business travel over the coming three years, according to The Global Business Travel Association’s (GBTA) first Business Travel Index (BTI).
The report found that business travel spending in China will increase by up to 17 percent in 2012 and 21 percent in 2013, a driver in overtaking US MICE.
“From this report we can see just how explosive this growth is going to be over the next few years.
The Chinese recognize how important business travel is and the investments that are being made in vital infrastructure expansion demonstrate that.”
According to the report, there are plans to construct approximately 100 new airports in China over the next decade; while over the last ten years China’s four major airports have doubled in size.
The report also stated growth in international outbound travel consumption is expected to vigorously increase, rising by 27 percent in 2013.
“We believe it is a most opportune time to have undertaken our first Business Travel Outlook for the country,” he said.“We forecast significant increases in business travel by Chinese citizens over the next two years with at least two-thirds of the growth being real increases in trips and spending as opposed to rising travel prices. This should also be accompanied by GDP growth rates of 8-9 percent a year.”
Source = e-Travel Blackboard: P.T