China dn U.S. travel market similar

from Business Wire (11/3):

November 03, 2008 10:05 AM Eastern Time
American Express Business Travel Announced Results from Annual China Barometer; Survey Shows Chinese Market is Akin to U.S
-- Chinese Market is Largely Self-sufficient with Majority of Expenditures Taking Place Domestically --
NEW YORK--(BUSINESS WIRE)--

"American Express Business Travel announced the results of its 2008 China Business Travel Survey (The Barometer) at the fourth annual American Express China Business Travel Forum (CBTF) last week in Shanghai. The Barometer has become an annual fixture at this forum, offering insight to attending companies into the business travel market in China. This year, attendance reached nearly 2,000 with a mix of multi-national and domestic companies represented.

"The American Express CBTF provides me an opportunity to meet face to face with suppliers and experts and gain knowledge to help guide how LVMH should move forward with its travel program," stated Marieke Flament, Financial Analyst, LVMH. "There are certain barriers in this market which make it challenging to influence employee travel behaviors and their compliance with policy. However, given the current financial crisis situation, we’ve been able to make much headway as the need to save, but keep employees traveling, is a top priority. China is a key growth market for us, and we need to continue to travel domestically in China to reach our growth objectives in this market.”

According to The Barometer, travel and entertainment (T&E) spending has consolidated its position as the second largest controllable cost for companies within China in 2008. The Chinese business travel market continues to be largely driven by demand for domestic travel and is becoming better managed with more controls and methods to monitor travel expenses. The survey also shows that travel policy compliance has improved and is reinforced with new concerns regarding environmental issues and employee safety and security." ...

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