Business travel in APAC experiences significant rebound

For 2023 and beyond, business travel in Asia Pacific is forecast for significant growth, with travel spending gaining 41% this year alone, according to GBTA

Growth in the region this year is being driven by the reopening of China and a “solid rebound” of other major economies in the region, including Japan, South Korea and Australia. In addition, Singapore, Hong Kong and Malaysia are benefiting from rebounding international business travel according to GBTA.

Key takeaways

• This year’s increase comes after slower growth in 2022, when business travel spending in the region was up only 15 percent year over year amid the economic shutdown in China. By comparison, the rest of the world’s spending was up 80 percent year over year, the report indicated;
• The report projects continued growth over the next several years, with business travel spending in the region reaching $800 billion by 2027;
• Among travelers in the region, 70% said they are traveling the same as or more than they did in 2019, according to the report.

Get the full story at GBTA