Trip.com Group’s corporate travel arm, Trip.Biz, has released a whitepaper delving into the trends defining the reviving corporate travel management sector in mainland China.
According to Global Business Travel Association (GBTA), 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 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 US$400 billion.
Trip.com Group’s 2021 earnings data reflects the strong recovery momentum in China’s business travel market, where 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.
“The biggest industry change brought on by the pandemic is the recognition by customers of the true value of TMC offerings. Specifically, the convenience and flexibility of booking, changing and refunding, having a one-stop booking experience for all products worldwide with global travel guarantee and SOS services, and 24/7 multilingual customer support. These are precisely the areas that online TMCs like Trip.Biz specialise in,” commented Steven Zhang, CEO at Trip.Biz.
Trip.Biz currently provides travel management services to 13,000 large enterprises and 620,000 small and medium-sized enterprises, among which over 300 are Fortune 500 companies and over 10,000 are Sino-foreign joint venture businesses.
Trip.Biz’s international business growth plan aims to build on existing client needs, initially focusing on regional growth across North and South-east Asia, supporting business clients expanding in the region and globally.