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April 28, 2015

Americas: Falling Travel Prices--A Plus or a Minus?

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The just-released “GBTA Business Travel Index Outlook—U.S.: Prospects for Domestic & International Outbound Business Travel 2015–2016” projects only a three percent growth in business travel spending in 2015, the slowest pace of growth in six years. It sounds like a negative headline, but the reasons for the low growth may have planners cheering: a strengthening dollar and falling commodity prices mean travelers will need to spend less on goods and services over the next seven quarters.

These lower (or stagnant) prices, primarily caused by the continuing trend of cheap oil, show up in airfare, ground transportation, car rental, and food. Lodging is the only segment of the industry where prices are projected higher in 2015 than was projected in the Global Business Travel Association’s last quarterly report.

But don’t get used to it. GBTA expects higher prices in 2016, with business travel spending growth to returning to a more normal level of six percent.

Read more at MeetingsNet.com...

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