Airfare and hotel room prices expected to increase by 8 percent in 2023

According to the 2023 Global Business Travel Forecast report prepared by the Travel Management Platform (CWT) and the Global Business Travel Association (GBTA), air ticket prices will increase by 8.4 percent and hotel room prices by 8.4 percent next year. The report pointed out that the increase in question would come on top of a 48.5 percent increase in air ticket prices and an 18.5 percent increase in hotel room prices this year.

However, CWT and GBTA suggest that air ticket prices, which fell by 12 percent in 2020 and by 26 percent in 2021, have not reached the prices of 2019, despite the 48.5 percent increase experienced this year.

The same report stated that hotel prices also fell by 13 percent in 2020 and by 9.5 percent in 2021. (TG)