Both the cost of hosting meetings and the cost of traveling to them is expected to increase next year, according to Carlson Wagonlit Travel (CWT), which yesterday published its “2014 Travel Price Forecast,” in which it predicts “moderate” price increases worldwide for business travel and meetings.
Around the world, CWT expects meeting suppliers to raise prices next year, resulting in “across-the-board increases” in daily attendee costs that could ultimately cause meeting planners to cut the size of their groups. For now, though, CWT forecasts a 1.5 percent increase in group size in North America, which it says will lead to attendee costs that are as much as 5.5 percent higher than they were in 2013.
On the travel side of the equation, CWT says airfares in the United States could rise by as much as 1.2 percent next year, while hotel and ground transportation rates could inflate by up to 4.9 percent and 1.3 percent, respectively.
“While we expect moderate price increases worldwide next year, there are some notable exceptions,” Christophe Renard, vice president of CWT’s CWT Solutions Group, said in a statement. “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 significant inflationary increases.”
For additional predictions, including regional forecasts, download the complete “2014 Travel Price Forecast” from CWT’s website.
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