The Global Business Travel Association Foundation’s annual report on global business travel was released at the GBTA's annual conference in Los Angeles.
Chief among the findings: business travel in Asia Pacific, led by a dominant China, is outpacing the rest of the world. Overall, the GBTA BTI Outlook – Annual Global Report & Forecast expects global business travel spending to hit a record $1.18 trillion in 2014, a 6.9 percent growth over the previous year. By comparison, growth in business travel spending from the US has grown at an annual rate of just 1.1 percent since 2000. Top 15 Business Travel Markets
The GBTA report also identified the top 15 business travel markets ranked by spending in 2013. The largest growth was seen in three of the BRIC countries - China (15.1 percent), India (10.4 percent) and Russia (8.7 percent).
The Report & Forecast also shows that spending in the U.S. and Western Europe is expected to grow more slowly compared to Asia. Currently Asia Pacific owns the largest share of the business travel spend market with 38 percent followed by North America (21 percent) and Western Europe (24 percent). GBTA expects that by 2018, Asia Pacific will have gained another 5 percent in market share, while the US and Western Europe will lose three percent and two percent, respectively.