Published on : Friday, January 13, 2017
The survey has further added that about three-quarters of people would go for an increased number of business trips this year.
Last year, it had been predicted that there would be one-quarter increase in the number of business travellers making trips this year. Worldwide, as much as 33% of travel managers have been forecasting an increase of nearly two points on last year.
UK travel managers have been expecting a positive impact on business travel though about 60% expect travel costs to increase, thanks to Brexit though.
The Global Business Travel Association and CWT expects that airfares would increase by 2.5% in 2017, but then the results would be mixed. Prices are believed to be higher in the region of eastern Europe at four percent and almost flat in western Europe at 0.5 %.
Both these organizations have published a survey that states that there would be regional variations in hotel rates, particularly Europe.
Prices in western Europe might increase by 1.8% and slump by 2.4% in eastern Europe on account of depressed business on account of low fuel and gas prices of nations like Russia.
In north America, the prices are expected to increase by 4% and also higher in west coast technology cities including Vancouver, Seattle, San Francisco and Los Angeles.
When it comes to the corporate market, the UK continues to be the strongest market in Europe. The rates might increase by 2 to 4%. The pressure on Sterling has contributed to making the market cheaper and more attractive to foreign visitors.
PWC has been saying that the hotel prices in London are rising, and as per predictions, it would rise by just 0.4%.
The data published by the Central Statistics Office asserted that a large number of Irish citizens had taken business trips last year, amounting to about 6.8 million people. Travel insurance firm Allianz Global Assistance said that the many people have been cancelling trips.
Over 51% of the trip cancellations were on account of unforeseen illness, bereavement or accidental injury.
However, medical issues accounted for only 11% of the trip cancellations. The survey also demonstrates the significance of having travel insurance in order prior to taking any trips.