Planning a business trip any time soon? Don’t expect to get a bargain.
According to the 2014 Travel Price Forecast issued by Carlson Wagonlit Travel (CWT), hotels, airlines and ground transport providers will up their rates in the year to come. And in some instances, the change will be dramatic.
“While we expect moderate price increases worldwide next year, there are some notable exceptions,” explains Christophe Renard, vice-president of CWT Solutions Group. “Emerging markets such as Argentina could experience far higher increases in 2014 due to high projected GDP growth and significant inflationary increases.”
Here are some highlights of what you can expect to shell out:
When it comes to airfare, experts expect flights to Latin America and the Asia-Pacific region to increase the most, with a 4 percent price surge forecasted in each region. Particularly pricey destinations are Argentina (13%), Venezuela (8%) and China 7%.
Elsewhere, air prices in Russia are expected to increase 8%, while in Germany rates will go up by more than 5%.
Within North America, the price jumps will be more moderate, with a 2.6% increase expected across the board.
On the accommodation front, some destinations will see their highest rate increases in decades. Brazil is a hotspot; hotel rates are expected to increase by more than 8.4%, thanks largely to the FIFA World Cup in Summer 2014.
In the Middle East and Africa, experts anticipate moderate price hikes of 2.5% and 2.1%, respectively. Even with Europe’s economic woes, hoteliers on the continent will likely issue “healthy” price increases.
In North America, rates will go up by 3.9%. That increases to 5% in the U.S., though those travelling to New York City will likely experience softened hotel prices, thanks to a boom in hotel-building there.
Providers of ground transportation geared towards business travelers—think: vehicle rental agencies and commuter rail lines—will likely levy moderate price increases. In some cases, the change will be noteworthy: According to CWT, “some markets are seeing increases in car rental prices for the first time in years, and this trend could continue in the near future.” If you’re planning to rent a car in China, for instance, you can expect to pay close to 6% more.
But it’s not all price jumps. Passenger rail rates are expected to fall in both Italy and Spain—by 1.2% and 4%, respectively—as the economies of both nations struggle to rebound.
For more on the CWT forecast, click here.