Global airfares to increase 1% in most segments | Regional business fares set to rise 2% | Hotel rates to be 1-3% higher | Forecast lowered for Middle East accommodations
BCD Travel’s 2019 Industry Forecast provides an abundance of data and tips useful to anyone with a role in sourcing corporate travel. The report offers a global overview and seven regional reports (Africa, Asia, Europe, Latin America, the Middle East, North America and Southwest Pacific) that detail supply, demand and pricing trends for air, hotel, meetings and ground transportation.
Global hotel rates will increase around the world by 1-3% in 2019 and air fares by 1-2% in most markets, according to leading business travel management company BCD Travel’s newly released 2019 Industry Forecast. The increase in hotel rates is largely due to demand growth slightly outpacing supply in most markets. Air fares are expected to remain flat in Africa, decrease 2% in Latin America and increase by 1% or 2% in all other regions.
Airfare prices are slowly climbing in markets with the strongest demand, according to BCD Travel’s midyear update to its 2018 Industry Forecast. Meanwhile, the outlook for global hotel rates in 2018 remains unchanged with a predicted 2-4% increase compared to last year.
The 2018 Industry Forecast from Advito highlights:
The lack of hotel availability at preferred rates
Issues with traveler security and risk
Challenges related to airlines’ New Distribution Capability (NDC) standards
Machine-learning innovations that benefit business travelers and their employers
As corporate travel managers try to improve program performance, especially for mature programs, they’re realizing a strategic truth: Making significant gains in savings and trip productivity is impossible without the support of a company’s travelers.
In its just-released Industry Forecast Update, business travel consultancy Advito examines what’s driving this trend and offers advice to travel managers seeking to improve their programs by engaging on-the-road employees.
Good news for travel buyers is among several refreshed outlooks available in the newly released infographic update to Advito’s 2017 Industry Forecast. Advito advises travel buyers to use the reprieve from market volatility to make strategic plans for program improvement.
Intercontinental air fares to fall or stay flat in most regions as outlook for world economy is stable; oil price assumption holds at US $50 per barrel, finds update to Advito 2017 Industry Forecast.
Advito, the consulting arm of BCD Travel, publishes its annual Industry Forecast to give travel and procurement managers a range of projected prices for business travel. They can use the projections to benchmark their corporate travel programs’ successes against key performance indicators and to prepare for supplier negotiations and budgeting.