GBTA BTI™ Outlook – China: 2014 H1
Statistics & Metrics
Date: March 30, 2014
About this Resource
The GBTA BTI™ Outlook - China report, is a semi-annual analysis that relates unfolding economic events at home and abroad to their resulting impacts on China's business travel market. The report, sponsored by Visa Inc., includes the GBTA BTI™; an index of business travel spending that distills market performance over a period of time.
Key highlights of the report include:
- Closely in line with our 2013H2 Outlook, GBTA projects China's total business travel spend to grow 16.5 percent in 2014 - more than double the rate of China's GDP growth.
- China's recent announcement of 2013Q4 and full year GDP growth at 7.7 percent paints a picture of slow (by China standards), but steady growth.
- Throughout 2015, GBTA expects business travel spending to continue to pick up the pace, expanding 17.8 percent to $309 billion USD.
- As GBTA has previously forecasted, China is poised to overtake the U.S. as the number one business travel market in the world. Given our current projected growth in business travel in the two markets, we expect China to surpass the U.S. in spending as early as next year.
- The surge in Chinese business travel spending is driven by both domestic and international outbound travel with domestic being the main driver making up nearly 95 percent of the spending on Chinese business travel.