Bellevue, Washington, Paris, London and Munich: Oct. 4 (ANI): Air fares and hotel rates will continue to be affected by sluggish market conditions going into the year 2013, according to a global forecast prepared by travel management firm Egencia.
Unveiling its 2013 Global Corporate Travel Forecast for air fares and hotel rates on Thursday in various prominent cities of the world, Egencia said Average Ticket Prices (ATPs) and Average Daily Rates (ADRs) for top corporate travel destinations will go up slightly overall in North America, Europe and Asia-Pacific.
The forecast said ATPs for airlines are expected to be slightly up (five percent) in North America, three percent in Europe, and five percent in Asia-Pacific in 2013.
The forecast further reveals that the ADRs for hotels would rise by three percent in North America, two percent in Europe and a flat one percent in Asia-Pacific region.
"The global economy is volatile, and we've seen some deterioration in CEO sentiment in recent months. But suppliers have carefully managed capacity this year so we expect, even with moderating demand, some slight pricing increases in most regions," said Rob Greyber, President, Egencia.
Greyber further added: "Even with the potential for higher costs, we believe there are a number of opportunities to save and we are working closely with clients to ensure they achieve their goals."
In arriving at its forecast for 2013, Egencia examined the supply environment at a market-level for over 50 destinations in North America, Europe and Asia-Pacific.
Data and insight for this report were based on a statistical analysis of past and present industry trends, macroeconomic factors, market research and vendors' capacity forecasts for 2013.
Smith Travel Research (STR) and OAG filings were leveraged for a market-level analysis of Lodging and Air capacity, respectively. ARC, STR and Egencia Internal Data were used for market-level analysis of pricing.
Egencia is the fifth largest travel management company in the world. As part of Expedia, Inc., the world's largest online travel company, Egencia helps businesses get ahead by offering the only truly integrated corporate travel service. (ANI)