CHICAGO, June 16, 2016 /PRNewswire/ -- On-demand traveler tracking, continuous sourcing activities in lieu of an annual sourcing cycle and increased use of travel apps are among key corporate travel trends to watch, according to travel consultancy Advito's June 2016 Industry Forecast Update.
Other market findings in Advito's June 2016 update include:
- Devaluation of currency poses a challenge in a number of emerging markets, particularly Latin America, which has seen large depreciations.
- The world economy will grow slightly slower in 2016 than it did in 2015. Weak global demand leads advanced economies to lose momentum as their exports struggle to find customers.
- Advito is decreasing its oil price assumption to US$40 per barrel from US$50 pb, on expectations that continued over-supply will delay any recovery in prices.
- Growing uncertainty is clouding the corporate travel outlook with suggestions by some analysts that the industry has reached a peak in business travel demand, confidence, hotel performance and airfare sales.
The June update reexamines market drivers behind the Advito 2016 Industry Forecast, released in September 2015. The full report provides market projections by region for major supplier categories. The original forecast also devotes special sections to an examination of travel risk and security, Airbnb, hotel program innovation and Lufthansa's distribution cost charge.
Note to Editors:
Advito's annual Industry Forecast and quarterly updates help corporate travel buyers establish cost baselines for negotiating discounted corporate rates with travel suppliers. In addition to publishing findings on global airline fares by class and hotel rates by key markets, Advito also educates corporate travel buyers on emerging trends in travel technology, pricing and marketing that affect travel program costs and effectiveness.
Advito is the travel industry's most progressive consultancy, enabling procurement leaders to modernize their approach to managing the travel and meetings spend category. Led by a unique team of multi-disciplinary experts and thought leaders, we work with both clients and suppliers to push the boundaries of traditional air and hotel sourcing and strategic meetings management for higher program returns. We provide advisory, procurement and outsourcing services in the area of corporate travel sourcing, expense and meetings management, along with RFP development and management; benchmarking and vendor management services. We minimize our clients' travel spend and maximize their travel program value in a data-rich, consumer empowered world. Headquartered in Chicago, Advito operates in key business markets around the world. For more information, visit www.advito.com.
About BCD Travel
BCD Travel helps companies make the most of what they spend on travel. For travelers, this means keeping them safe and productive, and equipping them to make good choices on the road. For travel and procurement managers, it means advising them on how to grow the value of their travel program. For executives, we ensure that the travel program supports company objectives. In short, we help our clients travel smart and achieve more. We make this happen in 110 countries with more than 11,000 creative, committed and experienced people. And it's how we maintain an industry-leading client-retention rate of 96%, with 2014 sales of US$24.2 billion. For more information, visit www.bcdtravel.com.
About BCD Group
BCD Group is a market leader in the travel industry. The privately owned company was founded in 1975 by John Fentener van Vlissingen and consists of BCD Travel (global corporate travel management), Travix (online travel: CheapTickets, Vliegwinkel, BudgetAir, Flugladen and Vayama), Park 'N Fly (off-airport parking) and joint ventures Parkmobile International (mobile parking applications) and AERTrade International (consolidating and fulfillment). BCD Group employs over 13,000 people and operates in 100+ countries with total sales of US$ 25.4 billion, including US$ 10 billion in partner sales. For more information, visit www.bcdgroup.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/traveler-tracking-increased-use-of-traveler-apps-and-industry-predictions-in-advitos-june-2016-industry-forecast-update-300285779.html
SOURCE BCD Travel