Market monitor: Thailand at a glance

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.

Market monitor: South Korea at a glance

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.

Market monitor: South Africa at a glance

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.

Market monitor: The Philippines at a glance

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.

Market monitor: Peru at a glance

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.

Market monitor: Malaysia at a glance

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.

Market monitor: Japan at a glance

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.

Market monitor: Italy at a glance

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.

Market monitor: Brazil at a glance

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.

Market monitor: Austria at a glance

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.

Market monitor: China at a glance

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.

Market monitor: Colombia at a glance

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

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