GBTA Says China Became Largest Business Travel Market In 2015
by Richard D’AmbrosioShanghai remains a major business travel market.
Global business travel spend topped $1.2 trillion in 2015, growing 5% over 2014, led by a burgeoning China market that grew by 11.4%. India business travel grew by 11% from 2014 to 2014, according to the most recent Global Business Travel Association report and forecast.
In North America, the U.S. business travel market grew by 2%, while Canada’s spend grew 2.7%.
Global business travel spend is forecast to reach $1.3 trillion in 2016 according to the GBTA BTI Outlook – Annual Global Report & Forecast, a new report released by the GBTA Foundation, the education and research arm of GBTA. The organization is forecasting spend will grow nearly 6% over the next five years, to $1.6 trillion by 2020.
At $291 billion, China surpassed the United States ($290 billion) as the largest business travel market in the world in 2015.
“Both India and Indonesia will average double-digit growth in business travel spending over the next five years,” GBTA said, while China’s business travel spending will rank fifth fastest.
