SINGAPORE, May 7, 2023 /PRNewswire/ — Trip.com Group’s corporate travel arm, Trip.Biz, recently released its Corporate Travel Management Market White Paper, taking a closer look at the Chinese mainland’s business travel market and trends.
Companies in China are optimistic about the resumption of corporate travel as border policies relax, and flight capacity gradually resumes. According to Trip.Biz survey data, 84.5% of companies expect an increase in domestic business travel budget for 2023, while 74.5% expect an increase in international business travel budget.
This sentiment is carried across the global business travel market. In August 2022, the GBTA (Global Business Travel Association) estimated that worldwide business travel would recover to 81% of its pre-pandemic level in 2023, while the Chinese market would reach about 75% of its pre-pandemic level in 2022 and 89% in 2023, with an 18.9% increase in business travel spending.
Business travellers are increasingly eager for a comfortable, safe, and efficient travel experience. Trip.Biz survey data suggests greater demand for fast-track security lanes, flexible change & cancellation policies, and quality hotel service.
Many employees are embracing bleisure travel, with over 90% of business travellers in Trip.Biz survey stating they may visit local tourist attractions or historical sites at their own expense during a business trip. 38.4% of business travellers expect to have more leisure time in the local area. Business travellers believe that developed cities or scenic destinations offer the most when undertaking business travel.
The white paper shows that in 2022, over 30% of companies allocated more than 10% of their budgets to business travel, an increase from 2021. The proportion of spending on business travel is also increasing, making it one of the main expenses for these organisations as business travel budgets increase. Therefore, businesses seek evidence-based cost control and higher profits through lower-cost e-management.
Companies are vigorously pursuing digital transformation. Trip.Biz survey data shows that nearly 60% of companies have begun digitalising their business travel processes. State-owned enterprises, Sino-foreign joint ventures, and wholly foreign-owned enterprises have a higher tendency to manage business travel digitally. Additionally, digital business travel management is more prevalent in large and medium-sized enterprises.
“This year’s strong demand for business travel and the pursuit of efficient management will be a major focus for companies, making the digital transformation of business travel management more urgent than before,” said Steven Zhang, Chief Executive Officer at Trip.Biz.
Additionally, the white paper discusses trends such as combining business travel with low-carbon initiatives. Companies have gradually begun exploring low-carbon business travel options. According to Trip.Biz survey, approximately 85% of business travellers prefer flights and hotels with low-carbon certifications. Additionally, those responsible for business travel believe that implementing an online management system benefits sustainable and low-carbon development.
Download the full report here: Trip.Biz Corporate Travel Management Market White Paper
Trip.Biz is a rapidly growing business travel management company with a vast network of corporate clients extending out of mainland China. It is the corporate travel arm of the leading global travel service provider Trip.com Group. For over 17 years, Trip.Biz has provided services to over 14,000 large-scale corporations, including over 300 Fortune Global 500 companies. Trip.Biz counts over 820,000 small to medium sized enterprises among its clients that have a combined total of over 38 million employees. Trip.Biz strives to help corporations lower their travel costs and increase efficiency. Find out more at trip.biz.
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SOURCE Trip.com Group