The agency has released the 2016 Global Travel Outlook report, by the GBTA Foundation, which shows that in Europe, companies’ attendee budget for meetings will decrease 0.4% due to an unpredictable Eurozone. It also shows domestic meetings to be on the increase, with international travel decreasing as companies look to control costs. This is in contrast to the Asia Pacific and Latin America regions, which will see increases in attendee budgets.
The report also predicts that outbound UK travel will rise 0.8% in 2016, while France, Germany and Scandinavia will be 1-2% cheaper to fly from, due to competition between low-cost airlines in those markets.
It predicts that hotel prices in the UK will rise by 2.7%, which is lower than in previous years. This is due to huge investment in the UK hotel industry in the past three years, meaning thousands of hotel rooms have been built, slowing the price hikes. However, hotel prices in France, Belgium and Spain are forecast to be marginally cheaper, with France seeing the biggest drop in hotel rates at -1.2%.
More globally, the report identifies six international ‘hot spots’ – India, China, Colombia, Mexico, Singapore and Australia – where increased business travel demand is driving significant air price increases. Hotel prices are also predicted to rise 2.5% globally, with peaks of 4.3% in North America.
"The data provides a compelling picture of a dynamic business travel industry," said Christophe Renard, vice president, of CWT Solutions Group. "For cost-conscious travel managers, this outlook can help drive opportunities and cut costs to stretch every travel budget further."
• For more breaking news and in-depth features, sign up to C&IT Magazine's daily Newstracker here