Published on : Saturday, July 28, 2018
Hotel prices are slated to rise by nearly 3.7% and airfare costs are expected to rise by 2.6% as per the Global Travel Forecast of GBTA that was produced in cooperation by Carlson Wagonlit Travel.
Increasing fuel prices are triggering increases in airfare costs while rising demand is pushing hotel prices upward.
Kurt Ekert who is the president and CEO of Carlson Wagonlit Travel said that the prices are expected to spike in several global markets even as inflation continues to be subdued.
Airfare prices in North America are expected to rise 1.8% but the cost of flying would rise more dramatically in various portions of Asia and Europe as reported by the project.
Airfares in New Zealand are expected to rise by .5% and Indian airfares are expected to jump 7.3% for instance.
Airfares in China are expected to rise by 3.9%.
This report expects flights to cost 3.9% less in Japan. But then owing to capacity increases being made in anticipation of the 2020 Olympics in Tokyo.
In Europe, airfare prices are slated to rise by 4.8% with significant increases in Norway (11.5%), Germany (7.3%), France (6.9%), and Spain (6.2%).
Prices are predicted to fall in Africa, Eastern Europe and Latin America.
Hotel prices are expected to rise 2.1% in North America, 5.1% in the Asia Pacific area and 5.6% in Western Europe but a fall by 1.9% in Eastern Europe, 1.5% in Africa and the Middle East and 1.3% in Latin America.