GBTA expects China to continue to grow its domestic business travel market much more rapidly than the other countries in the world with estimated spending growth of 14.2% in 2015 and 12.1% in 2016. China is poised to overtake the U.S. as the number one business travel market in the world.
According to the report of GBTA, China is to surpass the U.S. in spending by 2017 considering their current and estimated growth in business travel market.
China’s economic growth projections in the near term remain robust, which bode well for a strong business travel market, growing more rapidly than the other major markets globally,
said Stanford Lin, Vice President and Head of Products at Visa China.
Visa is committed to working with financial institutions and merchant partners to offer value-add benefits that help companies and business travelers better manage their travel expenses.
Outbound tourism is popular among Chinese travelers. Some European airlines promote cheap tickets to attract travelers to Europe according to CNN’s report.
Japan has also added some special travel trains with delicious food supply to attract travelers. Besides, Japan’s luxury train can provide luxury goods and food to stimulate travelers’ consumption home and abroad according to Nikkei Asian Review. Shoppers from China spent 18% more on Tax Free Shopping in 2014 compared to 2013 according to Global Blue.
China has been the largest market for Germany’s domestic travel in Asian. During Chinese year period, German’s merchants promoted various events to attract Chinese travelers. See more about Chinese New Year Traveler Insights here.
Oxford research report shows China and other new markets will promote global travel industry into a prosperous stage in 10 years.
Also read: China Inbound Travelers in 2014