INTERNATIONAL corporate services company Hogg Robinson Group (HRG) has crowned India as the strongest destination in Asia for business travel, based on their latest air trends data survey.
HRG figures revealed a year-on-year growth of 11.1 per cent for corporate travel expenditure in India – the highest among all countries in Asia.
Joana Yap, incoming general manager, HRG Singapore, said: “Corporate travel expenditure (in India) has seen an almost five-fold increase over the past five years.”
While China may be tipped to overtake the US as the world's biggest business travel destination by 2015, Yap said India had surpassed China, as HRG figures reflected a 2.3 per cent year-on-year decline in the latter’s corporate air travel transactions.
“As more Indian companies become internationalised, and MNCs establish their presence in India due to a stable government and strong macroeconomic fundamentals, the number of Indian business travellers is increasing,” said Yap.
Meanwhile, the survey results also reflected the adverse impact of travellers’ belt-tightening on airlines’ business class transactions.
Yap explained: “Due to a growing number of LCCs and companies choosing to consolidate global travel policies, there are more business travellers who choose economy class and LCCs over business class.”
HRG figures showed that an overall decrease of 14.8 per cent for business class transactions, while economy-class transactions recorded an overall increase of 0.5 per cent.
Yap pointed out that business-class transactions “declined dramatically” in the UK and Europe with year-on-year dips of 22 per cent and 45 per cent respectively, suggesting a widespread shift in travel policy on these routes.