Chinese business travel market will register a growth of 20 percent in the next five years, said a report issued on Wednesday by the
According to the report, Chinese business travel spending is expected to reach over 180 billion yuan by 2017 and 300 billion Yuan by 2020, driven by the growth of domestic business travel market and a higher penetration rate of business travel.
Currently, traditional travel agencies, online travel agencies and air ticket agents are among the three major providers of business travel services in
Chinese business travel has three characteristics. Firstly, frequent fliers, individual business passengers traveling with foreign carriers and premium passengers keep growing. In terms of regions,
Secondly, tickets are issued a little bit earlier than before as more and more customers begin to value their business travel management. International ticket reservation averaged 11 days in advance and domestic 10 days in advance in 2012. International tickets for first and business class amounted to 1.3 million in 2012, up 18 percent from a year earlier. Domestic premium tickets saw a downward trend from 15 million in 2008 to 10.6 million in 2012, as a result of the economic risk and the slower economic growth.
Thirdly, Chinese business travel market has a lower concentration rate. The CR4 of Chinese business travel market was only 16.6 percent in 2012, a far way behind the