And from Cathay Pacific more data: According to recent corporate travel statistics, by 2025, 32 per cent of all world airline traffic is expected to originate from Asia. Passenger flows within Asia will experience the fastest rate of growth in the world, with routes between major European economies and Asia to generate substantive expansion. Indeed, the region is now experiencing a strong focus on infrastructure development (such as airports ) to increase capacity and meet demand, with Cathay Pacific offerings leading the charge. Strong economic growth will continue to act as a major stimulus for airline demand in Asia, as business and leisure travelers respond to fast-growing economic activity and income levels.
The Global Business Travel Association’s Annual Global Report & Forecast was conducted on behalf of Visa. They surveyed businesses in 75 countries across 48 industries. Growth is expected to remain strong through 2019, with business travel projected to grow 6.9% next year, 6% in 2017, 6.4% in 2018 and 5.8% in 2019. The Global Business Travel Association stated that global companies will spend $1.25 trillion on business travel this year, up 6.5% from 2014.
Curiously, China’s growth is still expected to be bigger in percentage terms than anyone else compounded over the next five years. China business travel spend is expected to rise by more than 60% by 2020 to $420 billion. That jump would be bigger than business travel growth of the U.S., Germany, India, Indonesia, France, Turkey and Japan combined.
So will Cathay Pacific help you leverage this astounding global travel opportunity?
At the end of 2014 we noticed there was a growing trend for the premium economy market (PEY). Back in 2011, Cathay Pacific was a 2-cabin aircraft (business and economy), yet by end of 2012, we added PEY, particularly for growing subcontinent Asia and China travel.
These last few months has been a very eventful time for all economies around the globe especially China and the world economy linked to it. The Chinese economy grew nearly 7% last year 2015, with employment and household income holding up despite weaker domestic and global demand. The key point is that the rise of the latter will balance out the decline of the former. As a result, they argue the overall economy will hum along at a sustainable 6.5% over the next few years.
The dependence of the global economy on China and business is evident and we have our scheduling and network arranged seamlessly to highlight that.
China represents exciting business opportunities to many key industries and with our base in Hong Kong, we provide the ultimate seamless connection. Cathay Pacific are a key link to Asian business travel from Australia, with 4 daily flights out of Sydney and 74 out of Australia per week. While we are capped in those regards, we have created new routes on bigger aircraft in response to higher travel demand to the region. The CX100 route is an in-demand afternoon flight that’s ideal for a Europe connection, while the CX138 route is a night flight to Hong Kong – where you disembark in the morning and head straight into business. For internationally-minded corporates, these timings are ideal. Lastly to increase demand for this travel, we upgraded our aircraft from the Airbus 330-300 at 240 seats to a Boeing 777-300 ER, which holds 340 seats.
Courtesy Tarus Mamachan: email@example.com.