China is Now Spending More Money on Business Travel Than the United States
This story originally appeared on fortune.com
In the year 2015, Chinese businesses spent more on business travel than their American contemporaries, creating a bevy of opportunities for the travel and hospitality industry.
Chinese business spent $291.2 billion on travel compared with $290.2 billion in the US last year, according to a report from the Global Business Travel Association.
The amount spent on travel by Chinese companies is expected to keep rising, according to USA Today.
“I think it’s game changing,” says Michael McCormick, the GBTA’s executive director and COO, to the paper “It’s a significant milestone and a change in the order that we’ve basically had since we’ve been tracking business travel.”
American companies are looking to maximize this growing market. Hilton is opening a new hotel in China this year. IHG, a hotel company whose brands include Holiday Inn, opened more than 30 properties in the country last year.
Aerospace companies like Boeing are also likely to cash in, as the Chinese aviation industry will need more stock to ferry its growing number of business travelers across the country.