Procrastinating Aussie travellers should pull their fingers out and plan their trips sooner rather than later, as a new report predicts that domestic travel prices are set to rise by almost twice the global average next year.
The 2020 Global Travel Forecast anticipates airfares, hotel rates and ground transport prices in Australia to grow by 4.7 per cent, 4.4 per cent and 0.6 per cent respectively.
And if that wasn’t worry enough, airfares and hotels will nearly double the 2.3 per cent global average.
However, report co-producers CWT Solutions Group Asia Pacific say Australian travel will still be propped up by the “weakened Australian dollar”.
“A lot of international routes are also opening up into Australia, and with more international travellers, there is a compression in the supply of hotel rooms in major cities, as well as secondary cities like Canberra and Brisbane,” said CWT Solutions Group Asia Pacific manager Jaclynn Kidd.
“However, we do see hotels reacting to this demand as more hotels are being built, and this situation is likely to stabilise towards the end of 2020 going into 2022.”
The report also warns of “a raft of uncertainties” that could affect prices.
“The risks and ambiguity have increased over the past few months – not least the threat of escalating trade wars, the impact of Brexit, possible oil supply shocks, and the growing likelihood of recession,” CWT President and CEO Kurt Ekert said.
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