Indian businesses lead global optimism: 72% expect surge in B2B spending in 2023
Indian businesses lead global optimism, with 72% expecting a surge in B2B spending* in 2023, outpacing global average of 49%. The surge in B2B spending in India is fueled by technology investments leading the way with 88% of businesses planning to spend more on it in the rest of 2023 compared to the first half of the year. These findings were revealed in Trendex: B2B edition, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr).
Another key driving factor for the surge in expected spending is business travel, as 72% of businesses are expecting to increase spend on travel, entertainment, and expenses. Business and professional services also seem to be a key consideration with 68% Indian businesses expecting to spend more on it for the rest of the year. An impressive 88% of businesses feel optimistic about the future success of their company for the year ahead, well above the global Trendex average of 77%.
Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp., India said, “It's noteworthy that a substantial 84% of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39% achieving full automation of their payment processes. As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount. For example, corporate cards, with their offering of extended payment terms, rewards on B2B expenditures, and seamless payment convenience, can make their spends more rewarding and efficient, effectively earning as they spend."
The survey further reveals that an overwhelming 92% of Indian businesses consider improving security around payments as a top priority. A large share of Indian businesses (90%) also agrees that managing cash flow and working capital has gained greater significance over the past year. Automation in payments is rising with 84% of Indian businesses having at least partially automated payments to suppliers, while 39% have fully automated their payment processes.
