Asian airfares and hotel rates to rise in 2013 – CWT
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India’s average daily rates are expected to decrease 3.5-5% in next year…
Average airfares and hotel rates in the Asia Pacific region are expected to see moderate growth next year, according to a new forecast. Released
yesterday, Carlson Wagonlit Travel’s (CWT) 2013 Travel Price Forecast predicts that airline prices in the Asia Pacific will increase about 2.5% during 2013, while the region’s average hotel rates will climb 3.5%.
The slower pace of growth for airfares was put down to the number of low-cost carriers entering the market, which CWT said were “holding pricing down from what would typically be observed in this part of the world”.
In terms of hotel rates, the rate of growth will change significantly from market to market. Singapore is expected to lead the way with strongest growth (+8%), due to “strong travel demand and lagging supply”. On the other hand, average daily rates (ADR) in India are expected to decrease by 3.6 -5.1% in the first half of 2013, and is likely to take a further dip by 4.3-5% in the second half of the year.
“Price increases in 2013 will begin to level off in most regions throughout the world compared to what travel buyers experienced in 2012, as booming economies like Asia Pacific’s begin to normalise,” said Nick Vournakis, CWT’s Senior Vice President of Global Product Marketing. “While slightly higher prices will be the reality again next year as demand for travel outpaces supply in most places, our forecast demonstrates there is still plenty travel buyers can do to watch costs and take care of travellers.”
Elsewhere in the world, Latin American hotel rates are expected to see the strongest growth, climbing 6.3% in 2013, while average daily hotel rates are forecast to rise 3.2% in North America – the largest growth outside Asia.
