Global Hotel Rates Could Rise 4 Times Inflation in 2022: New Report
Photo Credit: The accommodation sector is set to be hit by several factors, including the availability of labor, in 2022. Unsplash / Carlos de Almeida
Skift Take
Companies shouldn't underestimate the knock-on effect of this year's labor crisis, and this new report is a timely heads-up to help them better manage their costs next year.
Companies should prepare for much higher hotel rates next year, as the labor crisis and other macroeconomic factors unfold into 2022.
A new report has warned that prices will rise by 13 percent in 2022, significantly outgunning inflation.
The International Monetary Fund forecasts advanced economies will see inflation of about 2 percent by mid-2022, while the Organisation for Economic Co-operation and Development expects the G20 countries to have a rate of 3.5 percent by the end of 2022.
However, the warning — which appears in the annual Global Business Travel Forecast, published on Wednesday — points to lower upticks in air fares and ground transportation costs, at 3.3 percent and 3.9 percent respectively.
Supply Constraints
The accommodation sector is set to be hit by several factors, including the availability of labor, the report says. Its publication comes just weeks after CEOs of the w
