Industry Investment Rating - The global business travel market is expected to recover to $1.5 trillion by 2024, surpassing 2019 levels [6][7] - China's business travel market is projected to exceed 2019 levels by 2024, with a growth rate of 39.2% in 2023 [6][17] Core Views - The Asia-Pacific region, led by China, continues to dominate the global business travel market, with China's recovery being a key catalyst [11] - Over 60% of companies plan to increase domestic travel budgets in 2024, with international travel budgets also showing strong growth [21] - The global business travel market is experiencing a strong recovery, with the Asia-Pacific region leading the growth, particularly China [7][11] Market Recovery and Growth - Global business travel spending is expected to reach $1.5 trillion by 2024, driven by strong growth in the Asia-Pacific region [6][7] - China's business travel market grew by 39.2% in 2023, with a projected recovery to 2019 levels by 2024 [6][17] - The Asia-Pacific region accounted for $567 billion in business travel spending in 2023, representing 92% of 2019 levels [11] Regional Market Insights - China remains the largest business travel market, with a strong recovery in 2023 [11][17] - Japan, South Korea, and Singapore are among the top-performing countries in the Asia-Pacific region, with significant growth in business travel spending [14][15] - The Middle East & Africa region has shown the fastest recovery compared to other regions [7] Corporate Travel Budgets - 66% of companies plan to increase domestic travel budgets in 2024, while 59.8% plan to increase international travel budgets [21] - Transportation & logistics, education, and financial industries are leading the increase in international travel budgets [24] - Over 67% of companies expect to increase both domestic and international travel frequency in 2024 [27] Globalization and Business Travel - Globalization is driving Chinese companies to expand internationally, making overseas business travel a strategic necessity [30][31] - Southeast Asia is the top destination for Chinese companies' outbound business travel, with Singapore, Thailand, and Vietnam being the most popular [40][41] - Companies are increasingly focusing on employee safety, cost-effective travel resources, and streamlined visa processes for international travel [43][44] Digital Transformation and AI in Travel - Over 55% of companies are likely to adopt AI technologies in their operations, with a focus on travel planning, cost analysis, and process optimization [75][78] - AI is expected to play a significant role in reducing repetitive tasks, improving efficiency, and enhancing travel management systems [78][79] - The integration of AI in travel management is expected to grow, with applications in itinerary planning, data analysis, and expense management [81][82] ESG and Sustainable Travel - Companies are increasingly adopting ESG practices, with a focus on reducing carbon emissions, promoting employee welfare, and implementing paperless processes [95][103] - Over 2.9 million companies have chosen low-carbon flights through Ctrip's business travel platform, saving over 1.2 million kg of carbon emissions in 2023 [98] - Companies are prioritizing sustainable travel practices, such as reducing paper usage, promoting low-carbon travel options, and implementing carbon offset programs [106][107] Electronic Invoicing and Digital Transformation - The adoption of electronic invoices is accelerating, with significant benefits for travel management, including cost reduction, process optimization, and improved compliance [109][111] - Companies are leveraging digital solutions to streamline travel expense management, reduce errors, and enhance the overall travel experience [111]
2023-2024年商旅管理市场白皮书
携程商旅·2024-05-11 07:15