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Biz travelers find domestic hotel rates stable, airfares higher
Domestic hotel rates remained relatively stable last year, while international rates rose, according to a new study.
“The deluxe hotel segment was the one exception to this trend. Deluxe hotels continued to experience double digit increases while economy and budget tier rates flattened out,†said American Express Business Travel’s analysis of North America-based domestic and international air, hotel and car rental rates for 2007.
In other hotel segments, the price differential between budget, economy, and mid-price hotel tiers began to blur amidst tough competition.
“Tight global supply and another year of high fuel costs drove continued price growth for international business travel in 2007 even as domestic prices flattened,†said Herve Sedky, Vice President and General Manager, Global Advisory Services, American Express Business Travel.
Competition remains fierce in the hotel sector, he said, adding:
“However, though rates remain high, this competition has spurred hotels to continually upgrade their offerings and amenities to the benefit of business travelers in countries around the world.â€
Growing international economies spurred a rise in both business and leisure travel which placed hefty demand on an already short supply, the study said.
Average international airfares increased a record eight percent, driven by rising fuel costs coupled with strong travel demand. At the same time, average domestic airfares increased only one percent.
“Travelers heeded the call to book their trips further in advance by taking advantage of lower, advance purchase fares,†said Mr Sedky.
Report by David Wilkening
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