Chinese banks scale back travel perks, bar staff from flying business class and booking pricey hotels
These days, Shanghai-based banker Jason Zhang can no longer stay at the Westin hotel in Beijing’s financial district after his company cut its travel budget.
Instead, he had to settle for a cheaper domestic hotel chain.
To his surprise, the discount in room rate did not lead to a discount in experience. Yes, the expansive breakfast buffet is gone, but Zhang relishes the local dishes served at the domestic chain Atour. Its pillows and comforters are so popular that many guests buy them after checking out. There’s no scramble to pack and leave in the morning as checkout can wait until 6pm.
Zhang is not alone in switching hotels. Chinese banks have scaled back travel perks since last year, barring staff from flying business class and booking pricey hotels, as China’s economy slows and companies tighten their purse strings. And while it is making things tough for the top-end international brands, the greater financial prudence has opened up opportunities for smaller local chains that focus on the needs of business travellers.
