Global business travel spending is up nearly 7% from 2013 to reach a record $1.18trn this year.
US trade group Global Business Travel Association (GBTA) said this was strengthened by growth in China and its continued emergence as a financial centre.
According to the group, China is expected to top the US, which is currently the world’s top individual market for business travel, by 2016.
Asia-Pacific makes up 38% of the business travel market, compared with 21% for North America and 24% for Western Europe.
“The overall economy [in China] continues to grow,” McCormick said. “It’s the sheer multiplier effect that it has because there is double-digit growth in such a large market.”
The group also said recovering business travel was likely to drive increases in airfares and average hotel rates, though it said fare increases would be mild should oil prices remain stable.
The group added that business travel spending will keep rising over the next four years, advancing 8.6% in 2015, 7.1% in 2016, 6.9% in 2017 and 6.4% in 2018.