In light of economic uncertainty across the globe, and recent events including the USA presidential election, it's hard to tell where corporate business travel stands in 2017 with such a volatile market. However, despite the economic and political uncertainty, healthy growth is still expected for corporate business travel. Bertrand Saillet, General Manager of FCM Travel Solutions South East Asia has shared his insights on the business travel trends for the upcoming year.
Travel will be cheaper in Asia but costlier in the West
According to the Global Business Travel Association (GBTA), global business travel spend will grow at 5.8 percent on average over the next five years, reaching $1.6 trillion by 2020. Asia will remain the shining star in terms of this growth, with India expected to do particularly well as GDP growth slows down in China. Flight access to secondary cities in China and India will continue to grow with this increased air capacity driving down costs for travellers.
Growth of sharing economy
According to the World Economic Forum, the sharing economy has fuelled the rise in accommodation options. Hotel bookings take the majority - with global hotel industry revenue predicted to reach US$550 billion in, up from USD$457 billion in 2011 - however Airbnb and other peer-to-peer accommodation offerings are also on the rise.
Mobile technology will continue to dominate
Business travellers already rely heavily on their mobile devices, but 2017 will see a rise in the use of digital travel applications as business travellers appreciate the convenience, flexibility and choice afforded by the latest technology. From remotely changing flight bookings to checking in on socioeconomic conditions at their destination, business travellers can leverage technology at their fingertips to enjoy a better business travel experience.