Business tourism: optimism despite crisis

According to the annual report GBTA (Global business travel Association), the 2014 business travel showed a growth rate at 6.9%, despite the persistence of unstable phenomena in the economies of both developed and developing countries. Experts predict a modest increase in expenditure on business travel and this year at 8.6%. According to preliminary estimates, the industry awaits a more modest but stable growth of 7.1% in 2016 and 6.9% in 2017 and 6.4% in 2018. 

As regards geographical distribution, the majority of expenditures accounted for by a few dominant markets. In fact 2/3 of total spending on business travel is spent in the USA, China and some countries of Western Europe (Germany, UK, France, Italy, Spain). 

At the regional level, the Asia-Pacific region has won and holds the leadership on business trips (38% of global business travel accounts on the Asia-Pacific region). 

The top 10 markets business travel growth in 2015 will include the following countries: China, Russia, Germany, India, USA, South Korea, Brazil, France, Australia, Canada.

And although Ukraine is not in the top ten on the volume of business tourism, the situation in the industry is not catastrophic, despite the unfavourable political and economic context.

According to the President of the business travel Association of Ukraine Vadim Grabarchuk, 2014 business tourism in Ukraine has suffered less than the tourism industry as a whole. The decline in the corporate segment amounted to 25 to 30%, which is slightly lower than the tourist market in General (about 33%).

This year's hope for the growth of business travel is not necessary, but in the longer term, the Outlook is quite positive. World Council for tourism and travel forecasts growth of expenses on business tourism in Ukraine at the level of 6.2% per year by 2024. In monetary terms after 10 years of business travel expenses will amount to 11.8 billion hryvnias per year (for comparison, in 2013 this amount was $ 6.1 billion hryvnias).