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Increasing business travel demand expected to drive up airfares in Singapore: report

Xinhua, July 22, 2015 Adjust font size:

Singapore has been identified as one of the six global hot spots where increased business travel demand is driving up air ticket prices, said an industry report released on Wednesday.

The increasing demand is likely to drive up airfares in Singapore by 3 percent, the highest in the Asia-Pacific region, according to the report entitled 2016 Global Travel Price Outlook. The industrial report provides global, regional and country-by- country projections for air travel, hotel, ground transportation, as well as meetings and events prices in 2016.

According to the report, India, China, Colombia, Mexico, Singapore and Australia are expected to top the list of airfare increases in 2016. Besides Singapore, Colombia and Mexico are expected to see airfares increase by 3 percent. China is expected to see a 2.8 percent rise, while Australia and India will see airfares growth by 2.7 percent and 2.6 percent respectively.

Venezuela, a seventh nation mentioned in the report, is projected to see a 6.3 percent increase due to high inflation, the drop in oil prices and its currency being fixed to the U.S. dollars.

Findings in the report were based on research by GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA) and travel management company Carlson Wagonlit Travel (CWT). Endi