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According to a new study, travel prices are expected to rise sharply in 2019 as a result of global economic growth and rising oil prices.
According to the Global Travel Travel Association's Global Travel Forecast and the Carlson Family Foundation, hotel prices are expected to increase by 3.7 per cent and flight costs will rise 2.6 per cent next year.
In the aviation sector, the introduction of ultra-long-haul flights and increased competition from low-cost carriers influence the 2019 projections. Air fares are expected to increase due to rising oil prices, pilot shortages and potential trade wars.
Report breaks forecast of air travel by region, including Asia-Pacific forecasting 3.2% increase in 2019 Sector prices in Africa and Africa up 4.8% , Latin America by 2% and North America by 1.8%.
"While most major markets are heading in the right direction, political protectionist risks, the risk of fueling trade wars and uncertainty about Brexit," said Michael W. McCormick, GBTA COO, in a statement. "This forecast provides travel buyers with a better understanding of the global market and the key price drivers demonstrating the key to creating successful travel programs are observing and responding to a changing global landscape. "
Air travel will boost demand for rooms, pushing up hotel prices by 5.1 per cent in Asia-Pacific, 5.6 per cent in Europe, the Middle East and Africa and 2 per cent. , 1% in North America.Latin America will see prices fall by 1.3% next year
.The study also broke ground transportation forecasts, with prices that should only increase by 0.6% in America than the North in 2019, while prices will remain stable in the rest of the regions. Next year, we expect that interest in attraction applications will continue to grow.
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