Corporate Housing Benefits from Past & Projected Growth Results RE: Domestic and International Business Travel (through 2013)
Posted on 19. Oct, 2009 by Kat Schneider Fotheringham in Blog
Back in July, the National Business Travel Association (NBTA) and Egencia™, the corporate travel wing of Expedia Inc., released an analysis of findings based on an extensive study. The study quantified the amount of money spent in global business travel, and projected growth through 2013. I won’t bore you with all of the details, but I found these results of particular interest. In fact, I’m certain that fellow corporate housing providers — both domestically and internationally — would also be interested in learning the findings. Specifically, I wouldn’t be surprised if Providers began frantically Googling “How to remotely set up corporate units in Europe, Asia Pacific, the Middle East, and Africa” after learning about how we (North America) compare to the international markets’ past and projected growth.
Although the study evaluated 72 countries, I’ll make it more simple by categorizing the growth patterns of certain areas to illustrate the past standings in/of business travel (from 1998 through 2008):
- North America advanced on average of just over 2 percent per year for the last decade
- Western Europe grew 4.6 percent annually
- Asia Pacific advancing by 7.2 percent annually
- Europe advanced annually by 12.4 percent
- Middle East/Africa region advanced by 7.7 percent annually
Furthermore, the predicted growth of business travel in China and Japan will exceed U.S. growth over the next five years. How does this make you feel? As interesting are the findings that developing nations such as India, Vietnam, Iran and Indonesia will experience significant compounded annual growth rates over the same five year time period.
The Corporate Housing Network would certainly entertain any international partnerships in all of these areas. In fact, we were well on our way to growing in the international marketplace; this study has confirmed to the Executives of TCHNetwork.com that we need to insure these markets are a priority.
Please share your thoughts about NBTA’s July, 2009 report; I’m anxious to hear from you!
