Travel prices will rise in 2018, says CWT

According to CWT's fourth annual 2018 Global Travel Forecast, travel prices are expected to rise sharply in the coming year, reaching nearly 4% increases in some sectors.

CWT website
CWT website

The report, in conjunction with the GBTA Foundation,the education and research arm of the Global Business Travel Association, shows global airfares are expected to rise 3.5% in 2018 and hotel prices are expected to be 3.7% higher.

 

 2018 Air Projections

  • With an increase of 8.5%, air travel in the UK will take a larger rise than the average across Western Europe.

  • Across EMEA, air travel is anticipated to continue growing, with prices rising 7.1% across Eastern Europe and 5.5% in Western Europe. However, Middle East and African countries only expect a 3.0% increase as they face ongoing security threats and an oil industry that is still in recovery. Currency fluctuations in Europe may further impact airfares in 2018. Given limited competition and the upcoming summer 2018 World Cup in Russia, Eastern Europe may again have the most significant price increases in the region.

 

2018 Hotel Projections

  • The UK will see the largest hotel increases in the EMEA zone at 9.5%

  • Across EMEA, hotel prices are likely to rise - 6.6% in Eastern Europe, 6.3% in Western Europe, but only 0.6% in the Middle East and Africa. Norway is expected to lead with increases of 14% expected for 2018, while Russian hotel prices will rise 11.9% thanks to increased demand from hosting the 2018 Summer World Cup.    

Kurt Ekert, president and CEO, Carlson Wagonlit Travel, commented: "The higher pricing is a reflection of the stronger economy and growing demand," "The global numbers from this forecast should be considered strong leading indicators of what 2018 will mean for global businesses, as we anticipate higher spending.

"Geopolitical risks, uncertainties in emerging markets and ever-changing political environments in Europe and the United States mean today’s travel professionals have more than ever to take into account when building their travel programs," said Jeanne Liu, GBTA Foundation vice president of research. "The most successful programs will have to keep a watchful eye on both geopolitical risks and a rapidly-changing supplier landscape as they reevaluate strategy often and adapt as necessary."

See more:

Clients must lso be accountable for crisis management, says CWT

CWT M&E partners with Meetingsbooker.com

• For more breaking news and in-depth features, sign up to C&IT Magazine's daily Newstracker here

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Freeman hires new creative director amid 'significant' growth

Freeman hires new creative director amid 'significant' growth

Brand experience company makes appointment to lead its experiential creative team from the Soho office in London.

Event planners' top picks for Singapore revealed

Event planners' top picks for Singapore revealed

We asked two experts who have organised events in the country to share their experiences of the sovereign state.

How planners can prepare for a terror attack

How planners can prepare for a terror attack

Counter-terrorism expert Richard Pendry has advice for event organisers on how to respond to critical incidents.

Defying convention: 6 brand new global venues

Defying convention: 6 brand new global venues

New and upcoming international convention centres across Asia, the Americas and Europe.

Our view: Event planners aren’t security guards for drunk guests

Our view: Event planners aren’t security guards for drunk guests

Event organisers should not be placed in vulnerable or compromising positions, says C&IT’s senior reporter Ellie Kahn.

Pure Events appoints business development director

Pure Events appoints business development director

New hire will focus on broadening the agency's client base as it aims to work with more global companies.

16 ways to make conferences less wasteful

16 ways to make conferences less wasteful

Carbon-neutral events may not be possible yet, but there are big changes planners can make to help protect the planet.

Case study: Deviate Innovation Summit 2019

Case study: Deviate Innovation Summit 2019

The one-day summit in an unusual London location addressed the future of media consumption.

‘I’m sick of being asked why I’m charging’, says DMC manager

‘I’m sick of being asked why I’m charging’, says DMC manager

Event agencies and DMCs debate issues around cost and creativity during a panel discussion at C&IT’s Incentives Retreat.

New global MD for Ashfield Meetings & Events

New global MD for Ashfield Meetings & Events

Agency makes three appointments to its global leadership team, include HR and finance directors.

LATEST JOBS