RESEARCH by East & Partners Asia (E&P Asia) shows a consistent increase in China and Indian corporates' travel budgets but static spending in the mature markets of Singapore and Hong Kong.
Done every quarter, the Asia Corporate T&E market report was compiled after interviews with CFOs and corporate treasurers at Asia's Top 1,000 corporates by revenue in 10 markets, excluding Japan.
The report shows a growth from US$1.52 billion to US$1.62 billion this year in the travel and entertainment expenditure of the Top 1,000 corporates from 10 Asian markets. India and China’s Top 100 still rule with an increase in their average expenditure from US$102.3 million to US$118.3 million for the former and from US$139.6 million to US$165.56 million for the latter this year.
These two countries are likely to remain the strongest T&E growth markets going into 2016, said E&P Asia.
Seven in 10 Chinese corporates said their expenditures would increase by an average of 7.6 per cent next year, while 65 per cent of Indian corporates are expecting a 7.7 per cent increase.
On the other hand, only a third of Singapore and Hong Kong corporates are expecting to see an increase in the T&E expenditure next year. Although Singapore and Hong Kong corporates continue to have the largest T&E budgets, growth remains flat overall.