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Carlson Wagonlit Travel (CWT) and GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), have released a new joint 2015 Global Travel Price Outlook report to give businesses an early indication of what to expect in 2015.
The report, designed to help businesses plan ahead during the upcoming budgeting period, highlights that demand from emerging markets such as China, India and Brazil and improved economic growth in advanced economies, combined with limited advances in travel supply, will result in an upward pressure on rates, particularly in high-demand travel markets. The study shows that travel managers are prepared for this, however, with those surveyed by GBTA expecting airfares to increase most among all categories due to consolidation in major markets.
In the meetings and events sector, compliance will remain a concern over the next year, regardless of industry or geography. One of several trends expected across the industry is the rise in use of social technology.
The report indicates that there will be more domestic meetings and shorter booking lead times worldwide in 2015 and that mid-price hotels offering core meetings and events services will be most popular.
Other country-specific data for the UK indicates buyers should prepare for air prices to increase by one per cent, while hotel prices will increase by 3.5 per cent next year. Ground transportation costs, however, are expected to drop by half a per cent in the UK.
Christophe Renard, vice president of CWT Solutions Group, commented: “With business travel prices on the rise, this study is the key to effective budgeting. Working with the GBTA Foundation has allowed us to share best practice, industry knowledge and expertise to create a wide-ranging look at the year ahead.”
Joseph Bates, GBTA Foundation vice president of research, said: “The study reveals that travel managers expect price increases next year across the board on travel categories including airfares, hotel room rates and rental car rates. Risks to the forecast including the escalating Ukrainian crisis; declining European inflation; burgeoning debt in China and oil price shocks could potentially have a negative influence on travel demand and pricing however, so travel managers are advised to consider contingencies for these risks in their planning.”
The 2015 Global Travel Price Outlook is split by category: Air; hotel; ground; and meetings and events, making for easy comparison across regions.