Travel buyers can look forward to a year in which 2019 on Tuesday, the Global Business Travel Association (GBTA) and business travel agency Carlson Wagonlit Travel (CWT) have unveiled their rate forecasts for next year, under the banner of a " soaring hotel and air fares ". This study, which constitutes the 5th Global Travel Forecastis forecasting an overall increase of 3,7% in the hotel industry, and 2,6% in the air.
Oil prices are therefore likely to drive up airfares, as is the increase in ancillary costs. The EMEA region will be particularly affected by this rise (4.8%), and in particular the French market (6.9%) according to this Global Travel Forecast. Conversely, the Americas region should be relatively unaffected: price rises will be contained in the North (1.8%), and airfares should even fall in Latin America (2%).
In the hotel sector, the EMEA region should see the same dynamic as the airline sector, according to GBTA and CWT. In other words, an average increase of 5.6%, with a more marked rise in the French market (6.8%).
Prices are set to rise in many world markets, even if inflation remains contained
" Prices are set to rise in many world markets, even if inflation remains contained "says Kurt Ekert, President and CEO of Carlson Wagonlit Travel. " The report examines the causes of this situation and presents an overview of forecasts for the world's main markets. It also provides specific recommendations and gives travel managers tools for their upcoming negotiations. "he explains. For his part, GBTA Managing Director Michael W. McCormick warns: " Although the majority of major markets appear to be moving in the right direction, the risks of a slowdown remain present for the global economy due to intensifying protectionist policies, the risk of reigniting trade wars and Brexit-related uncertainty. These forecasts provide travel buyers with a better understanding of the global market and the key pricing drivers. They also demonstrate that the key to developing successful travel programmes will be to observe and react to an ever-changing global landscape. "says Michael W. McCormick.
