China’s business travel expenditure went up by 16.6% in 2014 to a whopping US$261 billion, and the spending is expected to go up further by 14% in 2015 and 16% in 2016, a VISA-sponsored research by the Global Business Travel Association (GBTA) shows.
The numbers indicate that China is on track to overtake the US and become the world’s largest business travel market by 2017, despite uncertainties arising from China’s slowing economy.
GBTA’s executive director Michael McCormik said in a statement: "While this is slower growth for China, it is all relative. There is simply no other market to compare China to as their economic engine continues to move forward at a phenomenal pace producing double digit business travel spending growth."
The GBTA survey also indicates major changes in China’s business travel industry, notably the increase of upmarket hotels – JW Marriott Hotel Macau opened in March, Sheraton Shanghai Jiading Hotel opened in April, Sofitel Sanya Leeman Resort opened in May and Sheraton Zhuhai Hotel is also coming on stream. Three more Ritz Carlton hotels are also opening in China within the year. The hotel brands will continue to expand as the business travel market grows.
Along with growth in the domestic business travel market, business and leisure expenses for outbound travel are also going up. In the US for example, Chinese visitors’ spending topped US$22.1 billion last year thanks to the introduction of 10-year visa policy, and the spending is expected to escalate to US$80 billion by 2021.(Translation by Shuk)
