Singapore airfares predicted to soar 5.1% next year

May be the biggest increase in Asia-Pac.

According to a release, Carlson Wagonlit Travel (CWT) today released its 2014 Travel Price Forecast, which shows worldwide travel prices will increase moderately next year, in line with limited economic growth expected across the globe.

Singapore is expected to see some of the biggest increases in airfares in the Asia Pacific region, with fares forecast to rise by as much as 5.1 percent.

Hotel rates, however, will remain relatively flat, rising between 0.9 and 3.7 percent, because of reduced demand as a result of fewer business meetings and events groups choosing Singapore as a destination.

Christophe Renard, vice president, CWT Solutions Group, commented, “While we expect moderate price increases worldwide next year, there are some notable exceptions. Prices in Europe are likely to decrease because of the continued economic uncertainty in the region, while emerging markets such as Argentina could experience far higher increases in 2014 due to high projected GDP growth and significant inflationary increases.”

CWT’s Forecast is divided into four separate sections: air; hotel; ground; and meetings & events, allowing for easy comparisons across regions.