GBTA releases latest Business Travel Index figures at ITB Asia
Singapore, 29 October 2014 – Global business travel spend is expected to reach a record US$1.18 trillion by 2014, with nearly 40% coming from Asia Pacific. This is according to the Global Business Travel Association (GBTA), which released latest figures from its Business Travel Index (BTI) outlook report at ITB Asia 2014, ‘the Trade Show for the Asian Travel Market’.
The three day travel trade event kicked-off at the Sands Expo and Convention Center, Marina Bay Sands, Singapore. ITB Asia, which is now in its seventh year, is also seeing strong growth figures from the business 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.
“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 exponentially, 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,” added Göke.
“The dramatic progress of Asia’s travel and tourism markets, fuelled by the rising BRIC economies, testifies once again to the region’s immense potential for growth. Now more so than ever, we need to encourage greater strategic collaboration among the shakers and movers of the industry. Over the years, ITB Asia has been incredibly valuable in delivering comprehensive market insight and important networking opportunities.
We are confident that STB’s partnership with Messe Berlin will continue to boost the success of ITB Asia and anchor TravelRave’s status as a premier travel trade event in the region,” said Neeta Lachmandas, Assistant Chief Executive, Singapore Tourism Board.
GBTA’s BTI study also forecasts China to overtake the U.S as the world’s number one business travel market by 2016 and other Asia Pacific countries such as India and Indonesia to grow between 11-14% annually over the next five years.
“In Asia Pacific, there are a number of countries showing high growth in terms of business travel spend. These markets include Vietnam, the Philippines, Bangladesh and Sri Lanka. We forecast an average growth rate of 7.5-10% annually in these markets,” said Welf Ebeling, GBTA Vice President, Operations, Asia.
“The second fastest growth market in Asia is India which equally to China showed a 16% growth in the first decade of this century. Over the last 15 years, India has worked its way up the rankings of major global business travel markets from number 24 in 2000 to the world’s 10th ranked market in 2013. GBTA expects India to become the ninth largest business travel market within the next five years,” he added.
GBTA will share further insights on its BTI report at its Business Travel Day which will be held on 30 October, the second day of ITB Asia 2014. The report will cover markets such as Brazil, Russia, India and China to support business travel professionals looking to expand in Asia.
Over the next three days, the show is expected to attract over 8000 attendees from 90 countries. ITB Asia is also a partner event of TravelRave 2014, a mega travel and tourism festival week organized by the Singapore Tourism Board.
