A recent survey with top regional and multinational companies conducted by East & Partners Asia (E&P Asia) reveals that the Top 100 Chinese companies recorded an increase of 20% in travel and entertainment (T&E) spending on average US$165.6 million in 2015, while their Indian counterparts spend over US$115 million this year. Chinese and Indian corporations are expected to continue upping their business travel budgets.
The Asia Corporate T&E Market Report also highlighted differences between Asian markets in their spending patterns. Chinese companies, for instance, tend to spend more on intra-regional and domestic travel, which represent about 52% and 23% of their total T&E expenditure.
On the other hand, almost two-thirds of those based in mature markets such as Singapore and Hong Kong, expect to see flat growth in T&E spend, although they will continue to hold the largest travel budgets in 2016. In addition, Hong Kong and Singapore corporates also reported experiencing the highest level of T&E spending budget pressure compared to other key markets in the region.