Business travel in APAC forecast to reach USD 800bn by 2027
Business travel in Asia Pacific is forecast for significant growth, with travel spending gaining 41% to USD 567 billion this year ─ and rising to USD 800 billion by 2027. China’s reopening and robust domestic demand will be a big catalyst for the growth. Additionally, today’s business traveller in APAC may spend less overall per business trip but may index higher on food and beverage and hotel expenses as well as the desire for more premium options and blended (or “bleisure”) travel than their fellow corporate travellers in other global regions.
This is according to regional forecasts and trends for APAC from the 2023 GBTA Business Travel Outlook (BTI) which were unveiled onstage at the GBTA APAC Conference in Singapore by GBTA CEO, Suzanne Neufang.
“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, Regional Senior Vice President for EMEA and APAC, GBTA.
The GBTA APAC Conference 2023 was held at the Shangri-La Singapore, September 19-20, and was co-located for the first time with the Worldwide ERC Global Mobility Summit, providing all delegates with unparalleled opportunities to learn and network across both conferences.
More than 600 total 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 energized engaged delegates. We are thrilled the conference has been so well received and look forward to continuing grow GBTA’s presence in APAC,” said Peter Koh, Chairperson, APAC Advisory Board, GBTA.