For decades the U.S has accounted for the lion’s share of business travel world-wide, but that is expected to change as China continues to spend more, according to a report by the Global Business Travel Association.
China is likely to take over from the U.S. in 2016, when its outlays on business travel are forecast to reach $346.4 billion, compared with $ 319.5 billion for the U.S. China’s spending is expected to continue to outpace the U.S. in the following few years.
For 2013, the U.S. led the top 15 markets with $274 billion of spending on business travel which represents a 4.5% increase from 2012, according to the report. China comes second with $225 billion, a 15.1% increase from the prior year.
Business travel is closely linked to the global economy and the levels of economic uncertainty. The report states that while global spending in business travel increased by a healthy rate of 4.5% in 2013, it is still impacted by the uncertainty in both developed and emerging markets. The global market is also dominated by few major economies as roughly two thirds of it is controlled by U.S., China, and Western Europe.
Read more at The Wall Street Journal.