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China Tops Global Business Travel Market

According to GBTA’s latest business travel forecast, China accounts for 25 percent of business travel spending. This is a dramatic increase from 2000, when they held just 5 percent of the market.  China is now considered the fastest growing business travel market in the world.

China’s Growth To Top Of The Global Business Travel Market

For China, their total business travel spending is expected to reach 9.2 percent, or $317.9 billion by 2016. In 2017, the expected increase is slightly lower at 8.4 percent. Though it is slowing down, this is still a giant leap ahead of the United States. For comparison, in 2017, U.S. business travel spending is expected to reach $293.1 billion. That is a $51.5 billion dollar difference!

The GBTA Executive Director and COO, Michael W. McCormick,  stated this is “demonstrating the truly global nature of today’s economy.” He added, “We expect longer-term spending growth to continue to moderate until Chinese policymakers can achieve their goal of rebalancing the economy and diverting resources away from investment and towards consumption.”

China Continues To Ride The Wave

Of this 25 percent growth, much of it came from domestic ventures. They are now setting their sights on global carriers. On top of that, vying for top margin travelers.  From Traveller.com.au, flights from the South Pacific and Asia is the strategy to begin with. The industry is already saturated with big hitters like Cathy Pacific, Qantas, and Singapore Airlines. Also standing in their way is the perception left by past safety records.

This will not be an easy battle for China’s airlines, but it’s one that can’t be passed up. According to data from the International Air Transport Association, premium passengers account for only 8 percent of travelers. But, these premium travelers generate close to a third of revenue.  To increase their chances, Chinese airlines are stepping up their game in comfort and premium services. Hainan Airlines’ business class, for example, now offers  menus by Michelin star chefs, top amenity bags, and comfortable seating. Expect a big push from Chinese markets in the future, but they certainly have a battle ahead of them.

Chirstopherson Business Travel is a travel management company for businesses. With more than 60 years of experience, we focus on travel—so busy professionals don’t have to. Learn how we can save you company time and money on travel by contacting us today.

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Business Travel Travel Industry

Christopherson to Sponsor Key Travel Industry Events in 2013

Christopherson Business Travel is proud to be an ongoing partner with key industry events in 2013. In addition to several local events, Christopherson will be a sponsor with trade show space at the following national business travel industry conventions:

Concur Fusion, April 16-19, Las Vegas, NV

Fusion2013-1The Concur Fusion conference is for Concur users and potential users. The event hosts over 1,500 attendees and the schedule provides for a broad range of training and networking opportunities.

Christopherson has been a Concur partner for more than six years and manages travel for many of Concur’s corporate and university clients.

Global Business Travel Association (GBTA), August 4-7, San Diego, CA

The annual GBTA convention is attended by more than 5,000 business travel industry buyers and suppliers from the U.S. and several foreign countries. The convention puts valuable industry insight and market knowledge within reach for travel managers around the world.

Christopherson has been a member of GBTA for more than 10 years. We are excited to be making our most significant presence yet at this year’s convention tradeshow with considerable booth space and state of the art technology demonstrations.