A new report from Travel Leaders Group’s 2017 Industry Forecast predicts that hotel, car and airfare rates in 2017 will remain the same as they were in 2016.
Why? The group says that factors like the influence of low-cost carriers, the sharing economy and global instability will result in “modest growth” in the industry and that “overall travel spend will be flat.” While some hotels and airlines may try to raise their prices, but it’s a buyers market and modest demand will dip them back down again.
Travel Leaders Group made its forecast based on transaction data, advance booking information, and data from its global consultancy. And are confident that “as long as energy prices remain low, modest demand continues and terrorism incidents are low, [travel providers] will continue to record robust profits from their activities.”
You can read more about 2017’s travel predictions here.
How do these predictions impact your travel plans next year?
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