Business travel costs to ‘climb steadily’
Air fares are forecast to rise by up to 10% next year, with business fares rising by as much as 11%.
The estimates came from a 2007 industry forecast from travel management company BCD Travel Consulting.
The company expects published tariffs to rise by between 5%-10% with corporate fares to be up by between 7%-11%.
Hotel costs are estimated to rise by an average of 6% but could go as high as between 10%-14% in some regions. Europe, however, is predicted to see minimal or negative daily hotel rate changes with increases of less than 1% outside metropolitan areas due to over capacity in some major business markets, according to the report.
Average group room rates are forecast to rise by between 3%-5%, but by between 8%-9% in popular meeting destinations.
Car rental rates are predicted to be up by between 5%-6% next year.
BCD said: “Over the past two years BCD Travel Consulting has seen strong sustained growth in business travel in all markets. The growth, in turn, continues to drive industry prices higher. That being said, we expect this industry growth – and prices – to continue to climb steadily upwards for the next two years.”
Report by Phil Davies
Phil Davies
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