GBTA forecast ranks India, Indonesia and Scandinavia among the fastest growing corporate markets over the next five years

India, Indonesia and Scandinavia will all post solid growth in business travel during the next five years, according the most recent forecast by the Global Business Travel Association (GBTA).


Summary:

  • India, Indonesia and Scandinavia will all post solid growth in business travel during the next five years, according the most recent forecast by the Global Business Travel Association (GBTA);
  • GBTA has robust projections for global business travel in 2018, projecting  a 7.1% increase in the USD1.33 trillion spend logged in 2017;
  • India, China and Indonesia, once considered emerging markets, now form their own development segment and continue to grow at an extremely rapid pace;
  • GBTA believes the second fastest growing global traffic corporate market is Scandinavia, as both Sweden and Norway are are projected to grow significantly.

Overall, the association has robust projections for global business travel in 2018, projecting  a 7.1% increase in the USD1.33 trillion spend logged in 2017. It is not surprising that China and the US were the top two business travel markets by spend in 2017. But GBTA highlights the  “Stalwarts” that make up roughly half of the global business travel spending market today are comprised of many of the world’s major economies.

“India, China and Indonesia, once considered emerging markets, now form their own segment and continue to grow at an extremely rapid pace,” said GBTA.  That segment will pick up ground on the Stalwarts over the next five years, gaining $164 billion in annual spend by 2022. GBTA projects this segment to be the largest in the world by 2035.

GBTA believes the second fastest growing global traffic corporate market is Scandinavia, as both Sweden and Norway are are projected to grow significantly faster than average – 6.8 percent and 6.6 percent, respectively.

And despite the slowdown in China’s economy, the country’s business travel market will maintain a certain dominance as the fifth fastest growing market worldwide during the next five years, said GBTA, picking up an additional USD129 billion in annual business travel spend by 2022.

The US, which as formerly the world’s largest market, is projected to grow slightly below the global average over the next five years a 3.9%. GBTA concluded.