Global Business Travel Association’s (GBTA) has recently released a “2016 Global Travel Price Outlook” whereby it was revealed that airfares will increase in four ‘major” Asia Pacific countries in the following year. The four countries are Australia, China, India and Singapore. The trend is also reflected in several Central and Latin American countries.
Asia Pacific is projected to see a 1.2% increase in airfares as compared to 0.5% in North America and 0.4% in Europe, Middle Ease and African regions.
Airfares in Singapore will go up by 3% mainly due to lower fuel cost whereas the remaining three countries will see increase in airfares stemmed from improving economic performance.
The report also revealed a reflective trend in hotel rates as a rise is also expected in the following year due to the demand in the region.