GBTA: Asia-Pacific 2023 Business Travel Spending to Fall Just 8 Percent Shy of Pre-Pandemic Levels

0
220
GBTA: Asia-Pacific 2023 Business Travel Spending to Fall Just 8 Percent Shy of Pre-Pandemic Levels


Business travel spending in the Asia Pacific region is on
track to increase 41 percent year over year to $567 billion this year, 92 percent
of pre-pandemic levels in 2019, according to regional data released on Friday
by the Global Business Travel Association from its annual Business Travel
Outlook.

Growth in the region this year is being driven by the
reopening of China and a “solid rebound” of other major economies in the
region, including Japan, South Korea and Australia. In addition, Singapore,
Hong Kong and Malaysia are benefiting from rebounding international business
travel according to GBTA.

This year’s increase comes after slower growth in 2022, when
business travel spending in the region was up only 15 percent year over year
amid the economic shutdown in China. By comparison, the rest of the world’s
spending was up 80 percent year over year, the report indicated.

The report projects continued growth over the next several
years, with business travel spending in the region reaching $800 billion by
2027.

Among travelers in the region, 70 percent said they are
traveling the same as or more than they did in 2019, according to the report.
On average, Asia Pacific business travelers spent $1,038 per trip in 2022,
higher than the average cost in Europe and Latin America but lower than the
average $1,219 per trip in North America, GBTA said.

GBTA released
the broader BTI at its annual convention in Dallas last month, with the
projection that business travel spending globally will reach pre-pandemic
levels next year. It announced the Asia-Pacific results at this week’s regional
conference in Singapore. The survey studies business travel spending in 74
countries alongside a survey of 4,700 business travelers around the world.



Source link