Significance and Trends of Business Tourism

Business tourism is a lucrative and fast growing segment in the travel industry. It is able to yield many economic results for the local economy. Considering it as a key driver for temporary and permanent jobs, two-thirds of business travelers may extend their business trips if the condition allows. Therefore, there is great potential in this market. Business tourism is expected to be one of the fastest growing markets for travel suppliers to lay emphasis on in the years ahead.

Business tourism refers to travel services, hotel facilities and other amenities being served to people who are traveling on business. The tourism industry separates business tourism from leisure tourism in an effort to offer customized services for business people. Generally, business tourism is categorized as follows:

1. Meetings: corporate and government meetings

2. Incentives: mostly company incentives

3. Conferencing: mostly association meetings

4. Exhibition: B2B and B2C exhibition

5. Events: international events

Emerging economies that are interested in gaining more revenues from business tourism need to focus on both the individual business traveler and MICE events.

Business travels are seen most in the places where conventions and international meetings are held along with the acceleration of globalization. To attracting such major events, a destination need marketing efforts to expose itself in front of meeting and convention planners, as well as major trade exhibition organizers. The market for small, short-duration meetings is also growing rapidly.

Business travelers usually have some free time when they are away from home for business travel. Most of them would like to participate in tourism activities if the effort required is minimal and the risks are low. Hotels will serve as the starting point in terms of providing information and tourist options. For longer stay guests, they tend to look for evening and weekend options. Today, business tourism – mainly travel for commercial, professional and work related purposes – represents the major non-leisure form of tourism. Among all the categories of travelers, business tourists are recognized as the one with the highest consumption ability.

For travel suppliers, they can seek opportunities by working with hotels to develop an in-house TV channel featuring activities that appeals to business tourists most such as weekend tours, theatre, golf options, restaurants, special cultural and recreational events and flight departure information. Other cooperation includes upgrading their business support services, such as extending hotel access, setting more hotel business centers.