Trip.com Group’s corporate travel arm, Trip.Biz, has released a white paper delving into the trends defining the reviving corporate travel management sector in mainland China.
Global Business Travel Association (GBTA) data shows that China led the world in business travel spending in 2021, after a 38% decline in business travel spending in 2020. As the domestic market recovered, in 2021, China's business travel spending saw a growth rate of 31.7%, more than double the global growth rate.
The paper shows 16.3% more companies in China worked with a TMC (Travel Management Company) in 2021 compared to 2020, this figure rising by 24.6% in first-tier cities in China such as Beijing, Shanghai and Guangzhou.
According to GBTA forecasts, China's business travel market is expected to recover and surpass pre-pandemic levels by 2024, with total business travel spending exceeding USD 400 billion.
Trip.com Group 2021 earnings data reflects the strong recovery momentum in China's business travel market, it showed hotel bookings on Trip.Biz grew by nearly triple digits in the fourth quarter and full year of 2021 compared to the same period in 2019.
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