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Russia, now the world’s fifth largest outbound market, reported an increase in tourism expenditure of 26% for the first nine months of the year and is now only second to China in its rate of spending growth.
All of these factors helped the European HPI advance 2%.
Now in its tenth year, the HPI is respected as the definitive report on hotel prices paid around the world and is increasingly used as a reference tool by the media, hoteliers, financial analysts, investors, tourism bodies and academics.
The international scale of Hotels.com, in terms of the number of customers, properties and destinations covered, makes the Hotel Price Index one of the most comprehensive benchmarks available.
It still had the lowest Index level among the regions but all indicators point to the fact that the outlook for the sector is more hopeful.
Asia and the Pacific were the two areas that were not able to join the party in 2013. Although overall visitor numbers to Australia, the region’s main market, were up 5% for the year, the slump in the Australian mining industry impacted hotel occupancy levels in Western Australia in particular and the over-inflated prices seen there in recent years started to fall, in some cases quite considerably.
The second section (Chapters 2-6) shows hotel prices across the world per room per night as paid by travelers from the U. Welcome to our latest Hotel Price Index (HPI) which takes a comprehensive look at what happened to prices paid by hotel guests around the world during 2013.
“Travel and change of place impart new vigour to the mind,” said the Roman philosopher Seneca and it seems that many people are still taking his words to heart nearly two thousand years later.
Currencies in both Japan and India fell steeply which had a negative effect on outbound tourism, particularly hitting South Korea where the Japanese are the most important source market.
The HPI tracked this result, recording global growth of 3% in the average amount paid for accommodation during the year.
This means we have now seen four years of solid progress since hotel prices nose-dived during the financial collapse of 2008.
The Caribbean was also not far away from achieving this as its 5% rise meant reached par to its 2007 level. One out of every eight jobs in the USA depends on travel so continued hospitality strength is welcome news for the economy.
The economic recovery in Europe seems to be gathering greater momentum.
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Egypt had begun the year well with the Egyptian Tourism Ministry announcing a 10% rise in visitors during the first half of the year.