Hotel and Air Prices to Rise Sharply in 2019, Per GBTA/CWT Research: Meetings & Conventions
Travelers can expect steep increases in prices in 2019, with hotel room rates rising by 3.7 percent and the cost of air tickets climbing by 2.6 percent, according to the fifth annual Global Travel Forecast, published today by the Global Business Travel Association and Carlson Wagonlit Travel with the support of the Carlson Family Foundation. The report noted that the increases are due to a growing global economy and rising oil prices.
“Prices are expected to spike in many global markets even as inflation remains subdued,” noted Kurt Ekert, president and CEO of CWT. “The report explores the causes and includes an overview of what we expect to see in key markets worldwide. It also gives specific recommendations, giving travel managers ammunition for their upcoming negotiations.”
The 2019 forecast also shows the trends and developments that will shape the business travel industry. “The future of corporate travel can be summed up as accelerated personalization - with mobile technology, AI, machine learning and predictive analytics all playing their part,” said Ekert.
The projections in the 2019 Global Travel Price Forecast are based on:
A statistical model, developed by GBTA with market and economic research firm, Rockport Analytics, that evaluates historical price behavior and forecasts future price references. The market-specific expertise and travel industry knowledge of CWT and CWT Solutions Group personnel worldwide. Information sourced from Moody’s Analytics, the International Monetary Fund Research Department, the United Nations and other leading organizations.
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Hotel and Air Prices to Rise Sharply in 2019, Per GBTA/CWT Research: Meetings & Conventions.
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