News

CWT forecasts moderate price hikes

Airfares in Australia will rise by around 3% in 2014 with hotel rates likely to see a 4% increase, according to Carlson Wagonlit Travel.

The corporate giant said prices across the world will increase “moderately” next year in line with limited global economic growth.

In its 2014 Travel Price Forecast, CWT predicted airfares in the local market will stabilise over the next two years after falling during 2012 and 2013.

“A slight increase of up to 3% is predicted, however, continued competition in the market will ensure prices don’t spike,” CWT said.

Meanwhile, the declining performance of the resources sector will see reduced demand for hotels with rates expected to rise up to 4%.

Car hire rates are forecast to jump 2.6%.

CWT Solutions Group vice president Christophe Renard said while worldwide increases will be moderate, there will be “notable exceptions”.

“Prices in Europe are likely to decrease because of the continued economic uncertainty in the region, while emerging markets such as Argentina could experience far higher increases in 2014 due to high projected GDP growth and significantly inflationary increases,” he said.

CWT said Asia Pacific airfares could rise 4%, China 7%, Latin America 4%, Europe, Middle East and Africa 3.1% and North America 2.6%.

Hotels rates across Asia Pacific are projected to leap almost 5% and in Latin America by almost 6%, fuelled in part by a huge 16% rise in Venezuela and 8.4% hike in Brazil.

Room rates in EMEA will range from a 2.5% fall to a 1.6% increase.



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