中国新兴旅游趋势-BCD travel

February 2024 Introduction The business of mobility: emerging trends in corporate travel in China As we enter 2024, and just over a year after its reopening and the ending of COVID-19 restrictions, China’seconomy is still trying to fully shake off the after-effects of the pandemic.Commercial activity is on a path to normalcy, and corporate travel has a vital role to play. Its return is not merely a functionof the recovery in business activity; corporate travel is also a catalystfor commerce and the development of enhanced interconnectivity between enterprises. In a country characterized by rapid advancesin technology and transportation, corporate travelembodies China’s wider business ethos, taking a position at the forefront of emerging business trends. In his recentLinkedInarticle, “The Business of Mobility: Emerging Trends in China’sCorporate Travel for 2024,” BCD Travel’s Managing Director North Asia, Jonathan Kao, examined theemerging trends that he believes are reshaping corporate travel in China. While each trend has its own distinct characteristics,together these trends form a cohesive blueprint for the future ofbusiness mobility in China. In this new report, with Jonathan’s support and including some invaluable local insights from William Tang, we’ve expanded uponthe original article to give the trends some greater contextand include some extra information to support them. The report covers the following trends and developments: •China’s travel recovery–the outlook for air travel and the return of airline capacity.•China’s economic slowdown and corporate travel–how travel managers are responding to China’s economic underperformance.•Changing the way employees work and travel–the shift to virtual meetings and the appeal of bleisure travel.•Data-driven travel management–how data analytics are enhancing efficiency and cost effectiveness.•The government’s anti-corruption drive–how this has affected life sciences companies, in particular.•Reducing risks for travelers and their personal data–developments in risk management and safeguarding employees’ personal information.•Sustainable travel–how China is embracing eco-friendly practices, including the shift to high-speed rail for domestic businesstrips. William TangSenior Director, Operations–Greater China Mike EggletonDirector, Research & Intelligence Jonathan Kao Managing Director, North Asia China’s travelrecovery International travel slow to recover The recovery in the domestic segment has shown that the appetite for air travel clearly exists. Airlines have responded byoffering 16% more seats than before the start of the pandemic.2It’s possible that airline capacity could be a key factorholding back the return of international demand. In January 2024, international airline seats available in the Chinesemarket were still 33% below 2020 levels. The shortfall was even deeper in South and Southeast Asian markets, andcapacity to North America is at less than 20% of its pre-pandemic level. But airlines are restoring international services,and more will be reinstated in the summer 2024 schedule. Airline traffic (revenue passenger kilometers–RPKs) in theChinese market suffered a deep and prolonged downturnduring the COVID-19 pandemic. Data from the International Air Transport Association (IATA)shows domestic traffic finally recovering above 2019 levels in2023.1The prospects for domestic air travel seemencouraging: By 2025, IATA expects airline traffic to be one-third higher than in 2019. The picture is quite different for international travel. Trafficwas far more severely impacted by the pandemic, and it hasbeen much slower to recover. IATA does not currentlyforecast a full recovery until 2025, but international trafficcould then move 11% higher than its pre-pandemic level. China’seconomic slowdownwill impact corporate travel Economic underperformance likely to continue The much-anticipated surge in economic activity failed to appear following China’s ending of COVID-19 restrictions from the endof 2022. Asit entered 2023, China’s economy had to contend with some fierce headwinds, including soaring youth unemployment, a real estatecrisis andthe effects of a steep rise in the cost of living in western markets on their demand for Chinese exports. According to Oxford Economics, economic growth is likely to come in at 5.2% in 2023–China’s weakest performance (excluding thepandemic period) since 1990’s 3.9% expansion in GDP (gross domestic product). Oxford Economics predictsweaker growth still of 4.4% in2024. Absent will be the brief boost China’s economy enjoyed last year, as consumer demand picked up following the lifting ofCOVID-19restrictions. And growth may even dip below 4% in 2025. By historic standards, near term growth will be weak. China’s economic prospects remain fragile. It already faces some long-termchallenges,including an ageing population, a shrinking workforce and high levels of debt.3Growing economic friction between China and