They are emerging market performance, financial market turbulence, geopolitical risks, uncertainty surrounding Brexit, potentially fluctuating U.S. interest rates and oil prices.
New research has highlighted six key risks heading into 2017 that could impact both travel industry prices and the global economy as a whole.
They are emerging market performance, financial market turbulence, geopolitical risks, uncertainty surrounding Brexit, potentially fluctuating U.S. interest rates and oil prices.
“While business travel repeatedly demonstrates its resilience, the high level of global uncertainty we face heading into 2017 means travel buyers have to be more nimble and flexible than ever in crafting travel programmes,” said Jeanne Liu, GBTA Foundation vice president for research.
“The outlook shows only marginal increases or flat travel prices, but for 2017, the key to building successful travel programmes will be watching and reacting to an ever-changing global landscape.”
The findings come from the 2017 Global Travel Price Outlook, research from the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), and travel management company Carlson Wagonlit Travel (CWT).
Kurt Ekert, president and chief executive of CWT, said, “We are seeing relatively low, inconsistent and in some cases fragile economic growth.
“Travellers and travel managers need to understand their travel patterns and spend, and be alert to the impact of economic uncertainty and volatility.
“Proper planning will put them in position to make changes when necessary, and to avoid downside financial risk.”