Market monitor

Thailand business travel outlook: Experts expect Thailand’s economic growth to slow from 4.1% in 2018 to 2.9% in 2019 and 3% in 2020. Business travel spending will grow 5.8% for next three years.

This market monitor for South Korea shows that trade uncertainty weighs on the world’s 12th-largest economy, but travel spending is still strong. Corporate travelers spent almost US$15 billion on trips to, from and within South Korea in 2018.

South Africa business travel outlook: To reduce exposure to commodity price volatility, South Africa is diversifying its economy—particularly by expanding services. The financial, mobile telecommunications, tourism, transport and logistics sectors have all performed well.

The Philippines has one of Asia’s most robust economies. The nation averaged annual economic growth of 6.3% between 2010 and 2018. Expansion was 6.2% in 2018 and is expected to slip to 5.9% this year.• Consumer spending is getting a boost from healthy growth in remittances and slowing inflation.

Between 2013 and 2018, overall business travel spending in Peru grew 6.3% a year. Spending is expected to grow about 6% a year through 2023. Chile and the U.S. lead inbound travel to Peru, which is Latin America’s fifth-largest economy.

Corporate expenditure on travel to, from and within Malaysia amounted to US$36 billion in 2018. Inbound travelers account for two-thirds of total spending. Malaysians traveling abroad on business account for a further 24%. International travel is expected to drive a 5% increase in corporate travel spending.

Inbound international travelers drive growth in Japanese business travel market. Between 2013 and 2018, business travel spending expanded, on average, by 3.4% per year. Spending on domestic trips grew by less than 1% annually. But spending on business trips to Japan soared by 22.5% a year.

Business travel in Italy was worth nearly US$73 billion in 2018. Corporate travel spending is expected to grow 3% a year through 2023. The economy is technically in recession. Italy’s largest airline, Alitalia, is for sale. The hotel market is predicted to expand just 1.8% a year through 2023.

Business travel spending is forecast to rise 6.6% annually through 2023.  Companies spent more than US$24 billion (90 billion Brazilian reals) on business travel to, from and within Brazil in 2018. Domestic trips account for 44% of all spending; outbound international trips account for 37%. Less than a fifth is spent by business travelers visiting Brazil from abroad.

Most visitors come from Germany, but arrivals from China are on the upswing.  In 2018, companies spent almost €11 billion on travel to, from and within Austria. Inbound travel made up 42% of that spending. Domestic travel accounted for 31%; outbound trips made up 27% of spending. Oxford Economics forecasts average annual growth of 5% through 2023 with all travel segments expanding at similar rates.

Hotel demand in China is expected to grow 4.4% a year through 2020. Companies spend nearly US$327 billion (2.2 trillion Chinese yuan) a year on travel to, from and within China, according to the last-available annual data from 2017.

As international arrivals increase in Colombia, hoteliers expand to serve more business travelers. 

Business travel is expected to grow about 3% annually through 2020.

Business travel spending is projected to grow 10% a year through 2022.

Economists expect corporate travel spending to keep growing in the region.