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When it comes to corporate event planning and incentive travel, Jasmine Tan, head of MICE at CTC Travel in Singapore, says competition across Asia is fierce, particularly in crowded markets like Singapore and Hong Kong, where several players will compete for the same piece of business.
Tan warned that a growing trend towards predatory pricing will not only harm the bottom line, but damage the reputation and standards of the industry.
We face a lot of competition in terms of pricing. A lot of companies are slashing their prices just to secure the deal, even if that means turning a very low profit. This activity is having adverse effects and is spoiling the market… we are just fighting each other.”
Tan services a range clients in various industries across the region, which means competing with both local and regional companies, including dubious agents in China.
“Chinese companies deal with such high volume and can negotiate a completely different price that we simply cannot counter,” she said.