Asia Pacific to muster 40% Global Business Travel spend in 2014

Global business travel spend is expected to reach a record US$1.18 trillion by 2014, with nearly 40% coming from Asia Pacific. These details were revealed at the opening press conference of ITB Asia 2014, ‘the Trade Show for the Asian Travel Market’ held in Singapore yesterday.

According to the outlook report of the Global Business Travel Association (GBTA), which released latest figures from its Business Travel Index (BTI)China is likely to out class America in 2014. In 2013 China spent US $ 225 billion global business travel spend against Americas spend of US$ 274.

The three day travel trade event which began yesterday with a strong Sri Lankan presence at the Sands Expo and Convention Centre, Marina Bay Sands, Singapore. ITB Asia, which is now in its seventh year, is expecting close to 750 exhibitors. The show has seen strong support from the businesses travel segment and an increase in international representation with exhibitors from 76 countries and regions.

Exhibitors showing a strong presence this year include the Spain Tourism Board, Brand USA as well as the Philippines Tourism Board and Indonesia’s flag carrier, Garuda Indonesia, both of which have increased booth space by 200% and 300% respectively. This year also sees the strongest buyer participation to-date, with 14% more buyers compared to 2013.

“The evolution of the business travel sector in Asia Pacific is leading key industry players from across the world to focus more intensely on this market. At ITB Asia, we hope to leverage this strong growth and maintain our position as the region’s main marketplace for business travel opportunities,” said Christian Göke, CEO Messe Berlin, organiser of ITB Asia. “The MICE sector in particular is growing exceptionally, accounting for over half of the total business travel market. It is a very resilient segment that is outpacing traditional corporate travel. ITB Asia aims to deliver pertinent insights on these key industry opportunities to help delegates leverage the potential,” Göke said.