We’re creating a more connected travel industry, underpinned by sustainability and long-term investor relations.
Global business travel spend is forecasted to reach a record $1.6 trillion by 2020*.
Asia represents the world’s largest market for business travel, accounting for about 38% of annual business travel spend**. China has now surpassed the US as the largest business travel market in the world*, and Japan and South Korea rank in the top 10.
It’s no wonder then, that low cost carriers (LCCs) in North Asia have their eye on business travel for future growth opportunities.
Examining how LCCs in North Asia can harness this opportunity and tap in to the rapidly growing corporate travel market was the topic of my panel discussion with AirAsia’s CEO, Benyamin Ismail, and Hong Kong Express’ Director of Strategy and Regulatory Affairs, Philip Herbert, at the CAPA LCCs in North Asia summit in Osaka earlier this week.
Corporations increasingly want LCCs to be a part of their travel policy to help drive down costs. But they also need the convenience, flexibility and easy trip management that do not conform to the one-size-fits all approach of traditional LCC offers.
Business travellers need to comply with travel and expense policies, have more choice with easily comparable offers, manage complex itineraries, changes, disruptions, cancellations… they need duty of care and on-the-go mobile bookings. Travel agents are best equipped to handle these costly and time consuming processes in an efficient way.
The key to success is catering to the needs of business travellers:
For more information, check out this infographic and the Top 5 best practices for LCCs to be successful with travel agents study, which looks at some of these practices in more detail.