The travel and entertainment spending of the top 1,000 corporations from 10 Asian markets will rise by 11 percent this year, according to the East & Partners Asia Corporate T&E Index. The analysts forecast spending to grow from US$1.52 billion a year ago to US$1.69 billion in 2016.
Based on interviews with CFOs and corporate treasurers of those top corporations, the index calls for China and India to continue as the strongest growth markets in the region. Eighty percent of the Chinese corporations and 78 percent of the Indian companies are forecasting a spend increase of 8.6 percent in 2016.
The data shows that group travel (meetings, incentives, conferences and exhibitions) will continue to represent the largest slice of travel spend, with intra-Asian travel continuing to surge. What's more, the corporations rely heavily on event planners for their corporate travel and meetings arrangements, the study found.