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American big spenders: step aside
When it comes to business spenders, Americans have long held the champion title. But guess who is expected to overtake them?
China. And as early as 2015.
So says a Global Business Travel Assn., study.
US businesses spent an estimated $250 billion on business travel in 2011, while Chinese businesses spent $182 billion, according to the study.
But the study predicts that Chinese business travel spending will surge by 17% in 2012 to $202 billion and 21% in 2013 to $245 billion. The spending growth rate will be fast enough to surpass the US in the next three years, the study said.
"We forecast significant increases in business travel by Chinese citizens over the next two years, with a least two-thirds of the growth being real increases in trips and spending, as opposed to rising travel prices," said Michael McCormick, executive director of the Global Business Travel group.
By David Wilkening
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