The TMC’s Global Travel Forecast, produced in collaboration with GBTA, suggests airfares will rise by a global average of 1.2%, hotel rates by 1.3%, and car rental by 1%.
Its sixth annual report notes a significant slow-down in rate increases following sharp rises in 2019.
Despite forecasts of 3.6% growth in the global economy, CWT says a “raft of uncertainties” will hit pricing.
Airfares in Western Europe are set to rise 0.5% and hotel rates are projected to increase 0.7%. An increase of 2.3% is predicted for both categories in North America.
“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,” says Kurt Ekert, CWT’s President and CEO.
“This forecast will help travel buyers make the right decisions in an increasingly challenging environment.”
Scott Solombrino, GBTA COO and Executive Director, adds: “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.
“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 programmes.”