BTN Europe presents an overview of business travel and MICE predictions for this year
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INDUSTRY ANALYSTS finally believe that 2004 will show a positive growth within the accommodation market. Financial experts, PricewaterhouseCoopers are predicting that the RevPAR (Revenue Per Available room) will increase by 5.2% over 2003
This will be supplemented through a 4.5% increase of average daily rate and a 1.4% supply increase. With such major travel indicators pointing to improving occupancy and revenue, industry watchers are expecting major industry franchisors to focus on leveraging cross market opportunities.
PricewaterhouseCoopers sentiments are echoed by Smith Travel Research, who are predicting an increase in demand of 4%.
The US based Travel Industry Association, are expecting an increase in travel of nearly 9% since the last quarter of 2003.
Further weight is added to these claims in a joint report between PKF Consulting's Hospitality Research Group and Torto Wheaton Research, which concluded that this turnaround has begun and is set to continue in 2005.