SINGAPORE, 25 September 2023: Business travel in Asia Pacific is forecast for significant growth for 2023 and beyond after challenging years due to the pandemic, according to the latest GBTA outlook data and insights.
With travel spending gaining 41% to USD567 billion this year, rising to USD800 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.
Additionally, today’s business traveller in APAC may spend less per business trip but may index higher on food, beverage, and hotel expenses and the desire for more premium options and blended (or “bleisure”) travel than their fellow corporate travellers in other global regions.
These are some of the outcomes for APAC regional forecasts and trends from the 2023 GBTA Business Travel Outlook™ (BTI) unveiled onstage at last week’s GBTA APAC Conference in Singapore by GBTA CEO Suzanne Neufang.
The BTI annual report offers a comprehensive overview of business travel spending and growth across 72 countries and 44 industries and highlights the global business travel spending forecast and key trends for 2023-2027. Additionally, for 2023, the BTI also incorporates insights from a survey of 4,700 business travellers across five global regions, including APAC, who reported their preferences, behaviours, spending habits, and the average business trip cost now.
“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,” said Catherine Logan, GBTA Regional Senior Vice President for EMEA and APAC. “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.”
The GBTA APAC Conference 2023 was held at the Shangri-La Singapore, September 19-20. It was co-located for the first time with the Worldwide ERC Global Mobility Summit, providing all delegates unparalleled opportunities to learn and network across both conferences.
More than 600 attendees came together, including 400+ GBTA event delegates and over 120 travel buyers from 17 countries, to network, gain insights from industry experts, and engage in peer-to-peer education.
“What a great turnout at the GBTA APAC Conference in Singapore with exceptional networking, inspiring content and energised engaged delegates. We are thrilled the conference has been so well received and look forward to continuing to grow GBTA’s presence in APAC,” said Peter Koh, Chairperson GBTA APAC Advisory Board.
The two-day conference featured insightful Main Stage speakers, buyer/supplier roundtables and “The Big Idea” innovation workshop session focused on artificial intelligence. Education sessions featured timely topics from across the business travel ecosystem, including business traveller engagement, measuring the environmental impact of travel programs, the resiliency of travel and meetings in Asia, managing risk, and negotiating rates in the current NDC environment.
GBTA also announced it will host its third APAC Conference in Singapore from 13 to 14 May 2024.