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Published on : Tuesday, November 1, 2016
This year, the total business travel spending is believed to grow by 9.2% this year.
It is said that it would be reaching about $317.9 billion USD. Another increase of about 8.4% is expected in 2017. This would make sure that the Chinese business travel spending would amount about $344.6 billion USD. Comparing it to the travel spending by the U.S., the U.S. travel spending would reach $293.1 billion USD in 2017.
This marks a difference o $51.5 billion USD.
This latest figure goes on to prove that China has started occupying a new position as the largest business travel market in the world.
Michael W. McCormick, GBTA executive director and COO said that China accounts for about 25% of global business travel spending that has witnessed a rise from a share of 5% in the year 2000. He said that even though the growth rate in China has been quite slow, they still have immense potential for tremendous growth.
He said that China expects to see a long-term spending growth that would continue till Chinese policymakers meets their goal of balancing their economy once more.