Skift Take
It all comes down to uncertainty, making consumers more cautious and businesses more likely to cancel travel. Unfortunately, this anxiety isn't going to end any time soon.
While contentious social and political issues unfold, many companies go into wait-and-see mode, holding back on travel spending until a resolution emerges. The lack of demand often affects pricing.
In the coming year, travel pricing is set to slow globally, even as the overall economy remains healthy, according to data released by the Global Business Travel Association (GBTA) and travel management company CWT. Europe, in particular, could see a slowdown due to tensions surrounding Brexit, as well as labor unrest, climate change protests, and regional terrorism.
As businesses react by spending less on travel, hotels and airlines will see fewer corporate bookings, which may even translate into lower commissions for travel management companies. This all points to a lackluster year for corporate travel globally.
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