After posting sharp rises in 2019, prices in the global travel industry are likely to slow in 2020, with flights rising a modest 1.2 percent, hotels rising only 1.3 percent, and rental car rates up 1 percent, according to the sixth annual Global Travel Forecast, published last week by CWT and the Global Business Travel Association. Despite the fact that the global economy is doing well overall--and expected to grow a solid 3.6 percent in 2020--a wide range of uncertainties is set to put a damper on pricing.
“The risks and ambiguity have increased over the past few months--not least the threat of escalating trade wars, the impact of Brexit, possible oil supply shocks, and the growing likelihood of recession,” said Kurt Ekert, president and CEO of Minneapolis-based CWT. “This forecast will help travel buyers make the right decisions in an increasingly challenging environment.”
Using data generated by CWT Solutions Group, the 2020 Global Travel Forecast gives an early look at the trends and developments that will shape the business travel industry in the year ahead.
“Technological advancements and an increasingly volatile economic and political landscape across the globe have changed the way today’s travel buyers need to do their jobs,” said Scott Solombrino, COO and executive director of Alexandria, Va.-based GBTA. “This annual forecast provides insights into the key drivers forcing these shifting priorities and gives a road map for travel buyers looking to plan their 2020 travel programs.”
For more detailed information, download the 2020 Global Travel Forecast here.