Travel prices are expected to rise sharply in 2019, with hotels going up 3.7 per cent, and flights 2.6 per cent, driven by a growing global economy and rising oil prices, according to the fifth annual Global Travel Forecast, published today by GBTA and CWT with the support of the Carlson Family Foundation.
“While most major markets appear to be trending in the right direction, downside risks remain for the global economy given the rise of protectionist policies, the risk of stoking trade wars and Brexit uncertainty,” said Michael W. McCormick, GBTA Executive Director and COO. “This forecast provides travel buyers with a better understanding of the global market and key price drivers demonstrating the key to building successful travel programs will be watching and reacting to an ever-changing global landscape.”
“Prices are expected to spike in many global markets even as inflation remains subdued,” said Kurt Ekert, President and CEO, Carlson Wagonlit Travel. “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.”
Released by the Global Business Travel Association, the voice of the global business travel industry, and CWT, the global travel management company, 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. “Success is tied to technology, with sophisticated data-crunching at the very heart of it.”
