Planners can expect rising meetings costs in 2020 after business travel management company BCD Travel forecasted a global increase in hotel rates and airfares for the year ahead.
According to BCD Travel's newly released 2020 Industry Forecast, the increase by 1% to 3% in global hotel prices is being driven by solid demand, keeping occupancy high in most regions. Rate increases will be higher in Asia-particularly Japan, host of the 2020 Summer Olympics, and Vietnam, where both leisure and business travel demand is strong.
Meanwhile, airlines will raise average fares in most markets to help offset higher fuel and labour costs. Globally, average ticket prices are expected to rise between 1% and 2% in 2020.
Other findings of the annual report also state that strong demand in Europe will push meetings costs up 3% to 4%, while meetings costs will also increase sharply in Australia's Sydney and New Zealand's Auckland.
Rising costs require event planners to be creative with their budgets and also be extra vigilant with event funds. Have you considered securing a foreign currency trust account to avoid currency fluctuation? Meeting Escrow can assist in many ways to manage your budget.