China responsible for 25% of global business travel spending

Published on : Tuesday, November 1, 2016

ChinaThough China has been a spectator of slowly progressing economy, it continues to be among the most steadily growing business travel markets in the world, as per the GBTA Foundation’s travel forecast.

 

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.

 

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 03 itb-asia 2017
  • 04 Imex America 2017
  • 10 Globalwellnesssummit 2017
  • 11 AHIF 2017
  • 12 TTF17
  • 13 Frontiers Forum 2017
  • 14 bltm 2017
  • 15 leisure 17
  • 16 SKAL 17
  • 17 hospitalityqatar 17
  • 17 worldmiceday 2017
  • 18 TRAVEL-TECH-MIDDLE 2017
  • 18 worldmiceday 2017
  • 19 IITM
  • 19 TTG Incontri 2017
  • 43 PATA

TRAVEL INDUSTRY EVENTS

Get our toolbar!
Review www.travelandtourworld.com on alexa.com