Asia Pacific Business Travel Poised For A Rebound
There have certainly been some challenging years for business travel in the Asia Pacific region, but things are looking more positive these days.
For 2023 and beyond forecasts indicate significant growth can be expected, with travel spending gaining 41% to US$567 billion this year and rising to $800 billion by 2027.
China’s reopening and robust domestic demand will be a big catalyst for the growth. Solid rebound is also anticipated in Japan, South Korea, and Australia, along with the return of international business travel, which is anticipated to boost Singapore, Hong Kong and Malaysia.
The forecast for APAC were from the 2023 GBTA Business Travel Outlook (BTI) which was presented during the recent GBTA APAC Conference in Singapore by GBTA CEO, Suzanne Neufang.
Catherine Logan, GBTA Regional Senior Vice President for EMEA and APAC, observed that: “The growth and opportunities ahead in the APAC business travel sector are reflected in our regional spending forecast but could also be seen by the tremendous response and engagement this week among the delegates and partners attending our sold-out GBTA conference, the second event we’ve held in APAC.”
Logan continued: “We are grateful for all who made it possible including our newly formed GBTA APAC Advisory Board, conference presenters, sponsors, volunteers, and the APAC business travel community.”
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