eTurboNews (eTN) -
The following analysis and forecast is part of the East & Partners Asia Corporate Travel & Entertainment Programme which is a multi-client programme that runs quarterly.
Results from the first quarter of 2017 shows positive outlook for most Corporates within the T&E market as seven of the ten countries in Asia displayed an increase in their T&E budget. The front runners showing the highest increases were India and China. There is no surprise with the large increase for India as the country is fast becoming a global leader in business travel over the coming years. Although Asian emerging markets showed incremental increases since the last round, it is still evidence of the potential within these countries for T&E.
The results for one of the key markets in Asia showed that their budgets have tightened over the period, by 7%, however based on dollar value, they still hold the crown for the largest T&E budget spend. Singapore has the second largest T&E budget from the Asian pack.
Growth for the Chinese and Indian markets for T&E will continue as majority of Corporates in these countries are planning to increase the budgets in the coming year. There are a number of developing Southeast Asian Corporates who will also be increasing their budgets in the coming year. Although these countries budgets are small in relation to the larger markets, there forecasted increases are a display of resilience and opportunity.
The primary spend in the total T&E budget across the entire region are represented by Conferences and Events (59 percent). Each market across the region has increased their spend on Normal Business Travel and have subsequently decreased their spend on Conferences and Events since the last quarter.
Corporates in Asia are concentrating most of their T&E budget spend on intra-regional business travel, illustrating the strong business ties with countries within the Asian continent. Out of region travel is taking up a substantial portion of Corporates T&E budget, with a small percentage attributed towards local travel.
Click here to read the full article
Click here to read this and other articles on eTurboNews