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More good news forecasts from the Global Business Travel Association’s (GBTA’s) recent 2023 Business Travel Outlook (also known as BTI). Business travel for Asia Pacific is poised for robust return over the next few years, with a projected $800 billion annually by 2027. This year, the region is expected to hit $567 billion, or 41 percent over 2022, thanks to the full reopening of the Chinese economy after the pandemic. The findings were shared by GBTA CEO Suzanne Neufang, who was speaking at the association’s recent APAC Conference in Singapore last week. Neufang will also be a speaker at the State of the Industry at next month’s CD/NLA Show
GBTA CEO Suzanne Neufang
The BTI annual report offers a comprehensive overview of business travel spending and growth across 72 countries and 44 industries and highlights the global business travel spending forecast and key trends for 2023-2027. Additionally, for 2023 the BTI also incorporates insights from a survey of 4,700 business travelers across five global regions including APAC, who reported their preferences, behaviors, spending habits, and the average cost of a business trip now.
Highlights from the 2023 BTI:
- A solid rebound in other major economies in the region (Japan, South Korea, and Australia) is expected in 2023. Likewise, the return of international business travel has fueled markets like Singapore, Hong Kong, and Malaysia.
- In 2023, the Asia Pacific region is expected to reach 92 percent of its 2019 business travel spending of $616 billion.
- In 2022, the Asia Pacific region continued to account for the largest share of global business travel spend, totaling $402 billion or 39 percent of the global total. This is down significantly from the region’s 50 percent share of global spending 2021, however.
- While business travel spending in the rest of the world grew at a rate of 80 percent in 2022, APAC’s spending increased only 15 percent from 2021 levels. The underperformance was fueled by the economic shutdown in China and the subsequent decline of 4.6 percent in Chinese business travel spending last year.
Additional data collected by GBTA:
- Goldilocks Spending: In a GBTA survey, Asia Pacific business travelers said on average they spent $1,038 per trip last year, less per trip than North American travelers ($1,219), but more than Europe travelers ($888) and Latin American travelers ($661).
- Booking: One-quarter of APAC-based business travelers (25 percent) say they booked their last work trip through “managed” channels (i.e., travel management company or online booking tool). While higher than the share of LATAM-based travelers (19 percent) who did so, this is slightly lower than the share of NORAM (29 percent) and Europe-based travelers (32 percent). Similarly, APAC and LATAM travelers are more likely to book through retail channels.
- Upgrades: Of the APAC business travelers who took an airplane on their last work trip, two in five (40 percent) flew business class or first class. This is similar to the share of NORAM-based travelers (44 percent) who flew premium, but higher than the share of Europe-based (30 percent) or LATAM-based travelers (32 percent) who did so. Similarly, almost two in five APAC-based business travelers (38 percent) stayed at an upscale or luxury hotel on their last work trip. This is similar to the share of NORAM-based travelers who did so (42 percent), and higher than the share of Europe-based (32 percent) and LATAM-based (24 percent) travelers.
- Bleisure It Is: Almost half of APAC-based business travelers (45 percent) extended a work trip for leisure time this year or last year. This is higher than the share of travelers who took a blended trip in any other region.
The full BTI is available to members via the GBTA Hub, although an Executive Summary of the report is available here.
Visit gbta.org for more information.
[09.26.23]
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With eight seats up for the taking, the National Limousine Association (NLA) has named the candidates running in 2024-2027 term.
The candidates by region:
- At Large (three seats): Robert Alexander of RMA Worldwide, Brett Barenholtz of Above All Transportation/Boston Car Service, Jamisha Breland of Amaren Chauffeured Transportation, Moe Bouayad of Crown Worldwide Transportation, Simon Chen of Eight Black, Joe Reinhardt of Carolina Limo & Coach, and Jason Sharenow of Broadway Elite Worldwide
- US Central Region (one seat): Tracy Raimer of Windy City Limousine & Bus and Scott Woodruff of Majestic Limo & Coach
- US Northeast Region (one seat): Jay Erlich of Europe Limousine and Tracy Salinger of Unique Limousine
- US Southeast Region (two seats): Shawn Glasgow of Peak Limousine, Len Joseph of On the Town Limousine, and Tim Rose of Dolphin Transportation Specialists
- US West Region (one seat): Harry Dhillon of Ecko Worldwide Transportation, Brandan Stein of Exclusive Sedan Service, and Dave Uziel of Urban Worldwide
Note that one of the At Large seats is a special election to replace the position vacated by Matt Assolin of Nikko’s Worldwide and is subject to the remaining two-year term. The two candidates with the highest vote counts for the At Large seats will serve full three-year terms, while the candidate receiving the third most votes will fill the vacant At Large seat for the two-year term.
Elections are expected to be held November 6-8, and information will be sent to members in good standing in the coming weeks.
Visit limo.org for more information.
[09.26.23]
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- Category: Industry News
One of the educational highlights at the CD/NLA Executive Retreat this June was our AI/ChatGPT session, where presenter Robyn Goldenberg of Strategy Leaders/FindStaff.com demonstrated practical, real-world uses for the ever-growing technology. At the CD/NLA Show in Orlando, we’re thrilled to do another jump into the AI pool as we present The Secrets to Using AI to Supercharge Your Business Growth on Sunday, October 22, at 12:30 p.m.
Athena Grimm of BAC Transportation
Speaker James Blain of PAX Training will help you uncover the hidden methods and tools to harness AI's power for unparalleled growth. Dive deep into actionable insights that will not only help you use AI effectively but also leverage cutting-edge tools to boost productivity and skyrocket your sales. Don't miss out on the future; let AI be your growth tool for success! AI is revolutionizing industries worldwide, but many owners and their teams are barely scratching the surface of its potential.
James Blain of PAX Training
“AI used to be future tech in movies—now it’s reality, propelling any business progressive enough to embrace it to new heights. In our first-of-its-kind session, we are going to show attendees how to put AI to work for them. If you are an operator who plans to grow your business, it is a session you can’t afford to miss," says Blain.
Tiffany Hinton of MOTEV
And speaking of business growth, tracking Key Performance Indicators is a must when you have your sights set on moving to the highest levels. On Wednesday, October 25 at 8:45 a.m., you won’t want to miss our roundtable, Utilizing KPIs to Track Your People, Clients & Fleet. This interactive session, moderated by Athena Grimm of BAC Transportation and Tiffany Hinton of MOTEV, will explore what and how to track important topics like productivity, fleet, and customer and employee retention. And since this is a roundtable with direct input from your peers, you’ll be able to compare KPIs with other operators and discover new tools to measure success.
“We are so excited for this session,” says Grimm. “If you want to steer your success into the fast lane by revving up your business insights, then join us for this session. It's going to be awesome.”
With the show only a month away, have you booked your accommodations at the fabulous, all-under-one-roof Gaylord Palms Resort & Convention Center? If not, the October 9th deadline is fast approaching to take advantage of our room block. We’re thrilled to be able to offer an incredible rate of $249/night—including resort fees. Don’t snooze on this offer; the price WILL go up soon. To secure your room, simply click here.
Visit cdnlashow.com for more information.
[09.26.23]