In the wake of debilitating years caused by the global pandemic, Asia Pacific’s business travel sector is heralded for a remarkable recovery in 2023, with an astounding 41% surge, translating to an investment of $567 billion. By 2027, the stakes are even higher, with a predicted expenditure close to $800 billion.
China’s renewed stance on international relations and its formidable domestic demand is a significant impetus for this escalation. Nations such as Japan, South Korea, and Australia are setting the stage for a robust revival. Furthermore, the resurgence of international business travel holds excellent promise for market bigwigs like Singapore, Hong Kong, and Malaysia.
Revealed at the GBTA APAC Conference in Singapore, the 2023 GBTA Business Travel Outlook™ provides an in-depth analysis of business travel spending, spanning 72 countries and 44 diversified industries for 2023-2027. This prestigious report incorporates insights from a meticulous survey involving 4,700 business globetrotters, dissecting their preferences, behaviours, and spending tendencies.
Catherine Logan, GBTA Regional Senior VP for EMEA and APAC, profoundly stated, “The upward trajectory in APAC’s business travel landscape mirrors our regional spending predictions. The overwhelming response at our GBTA conference stands testament to the sector’s potential.”
Key Highlights from the BTI Outlook:
- Business travel expenditure for APAC in 2023 is touted to reclaim 92% of its 2019 zenith of $616 billion.
- 2022 saw APAC contributing the lion’s share of 39% to the global business travel wallet, albeit a dip from 50% in 2021.
- The global escalation rate for business travel expenditure touched 80% in 2022. However, APAC witnessed a relatively modest 15% growth, primarily due to China’s economic constraints.
Deciphering the Modern APAC Business Traveler:
- On average, an APAC business traveller spent approximately $1,038 per journey in the previous year. This is marginally higher than their European counterparts and more than Latin American voyagers.
- Food and stay dominate their expenditure, with a preference for premium options.
- A noteworthy 25% of APAC travellers used organized booking channels for their last business trip, exhibiting trends closely followed by their European and North American counterparts.
- A significant 45% of APAC travellers blend business with leisure, emphasizing a work-life integration trend.
The GBTA APAC Conference 2023, hosted at Shangri-La Singapore, saw an unprecedented amalgamation of over 600 attendees from 17 diverse countries. The event was celebrated for its networking opportunities, avant-garde content, and enthusiastic participation. Peter Koh, Chairperson of the GBTA APAC Advisory Board, expressed his elation, anticipating the organization’s growing influence in the APAC sector.
Written by: Anne Keam
