Airfares and hotel prices 'set to rise'
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The economic outlook next year may be downbeat but firms should still expect moderate increases in travel spending, according to a new report.
Airfares and hotel prices in the Asia-Pacific are expected to rise by moderate levels, given the still robust growth in the region.
Airfares for travel within the region are set to increase by up to 4 per cent next year, said American Express Global Travel.
The picture for flights out of Singapore within the region is slightly different. Airfare changes could range from a 1-per-cent fall to a 2-per-cent rise, said Dr Carl Jones, the head of Amex Advisory Services for Asia-Pacific. For long-haul trips, fares for flights out of Singapore should increase between 1 per cent and 4 per cent. Hotel rates are likely to rise at a slightly faster pace, the report added.
Hotel accommodation could jump by as much as 7 per cent, depending on the county.
South Korea hotel rates are likely to grow 3-8 per cent, while for China, the range is 2-7 per cent. Singapore’s hotel rates could rise 3-7 per cent.
