East & Partners Asian Corporate T&E report provides industry wide research structured direct interviews with the Top 1,000 revenue ranked corporate across ten countries in Asia.
The top three growing markets have experienced significantly stronger growth for T&E budgets for Asia, with an average increase of 6.84 percent. Compared to the region as a whole, where the average growth rate is at 1.6 percent.
In more mature 2 markets in Asia, corporates have the largest T&E yearly budget in the region, when combined accounts for half a billion dollars, though on a slight decline of 3.5 percent and 2.2 percent from last quarter’s result.
Asia makes up more than a third of the world’s business travel sector, and compared to the rest of the world where there is slowdown in growth, the growth in Asia is accelerating. Asia’s importance will only grow and the market is expected to expand in the next few years.
Mindshare and brand recognition is now the leading predictor of market share changes and a critical measure monitored in this research
E&P Asia’s T&E program is not limited to competitive analysis capturing broader customer behaviour such as annual T&E budget, spending volumes and buying channel or service requirement. This provides valuable insights for T&E providers in how they develop their value proposition towards the customers.
Understanding the customer requirements and industry trends enables providers to tailor their offering and maximise the existing accounts revenue. There has been an increased demand for the implementing new technology to be used for the T&E management solutions and platforms. Corporates in more mature markets are more heavily invested in technology. These trends covered in E&P’s Asian T&E program, allow T&E providers to understand forward demand so that they can direct their strategies and be at the forefront of the market.
The program provides unparalleled trending data that tracks the momentum of customer behaviours. The data also allows for accurate forecasting as businesses navigate through the peaks and troughs of the economic cycle.