After years of leading the world in business traveler spending, the United States will soon give that title up to China.
A new report from the Global Business Travel Association, says that no other nation is seeing its business travel market grow as fast as China. Chinese-originated business travel is expected to grow 14.3 percent to $224 billion this year. That's down from previous projections, but China is still on track to surpass the United States as the world's top spender on business travel as early as 2016.
Here are some of the highlighted statistics on Chinese business travel from the report:
- Business travel spending is expected to grow 17.2 percent in 2014, more than twice the rate of the U.S.
- Domestic business travel outperforms international outbound (IOB) travel. In 2013, domestic travel spending should grow 14.3 percent, followed by another 17.2 percent in 2014.
- IOB was revised slightly downward in 2013, with forecast growth of 12.8 percent, followed by a stronger than previously expected 16.5 percent in 2014.
- Beijing Capital International airport will soon surpass Hartsfield-Jackson in Atlanta, as the world’s busiest airport.
Photo: Flickr/Nick Harris