Taiwan Tensions Could Drive Up Travel Costs Significantly, CWT Warns
Photo Credit: Corporate travel agency CWT has warned travel managers to keep a watchful eye on the rising tension between China and Taiwan (pictured). Unsplash / Ethan Lin
Skift Take
Geopolitical uncertainties are singled out in the latest Global Business Travel Forecast, which underscores the volatility the corporate travel industry is experiencing, and perhaps the pointlessness of trying to predict prices in the first place.
While travel prices may not spiral out of control as much as they did in 2022, many factors that impact costs will simply remain out of the hands of travel managers.
Next year could see even more price fluctuations due to geopolitical events, a new report from corporate travel agency CWT and the Global Business Travel Association has warned.
The pair projected back in November 2021 that air fares would rise 3.4 percent in 2022, with that estimate published just months before Russia invaded Ukraine — an event that contributed to jet fuel
