Overall hotel prices continue to grow for the fifth consecutive year
The average price paid per hotel room worldwide increased by 4% during the first six months of the year, compared to the same period in 2013, due to a certain economic recovery, which translates into greater consumer confidence and increased travel spending.
The Hotels.com Global Hotel Price Index stood at 115 at the end of the first half of 2014, fifteen points above the level reached at its launch in 2004, and at this point just four points below the peak reached in the first half of 2007, which was 119.
According to Johan Svanstrom, the company's president, "It has been a promising start to the year for the travel industry in general, as both international and business travel demand remained strong. The consequence has been the highest índquo;growth rate since early 2012. In addition, the regional HPI of two regions has surpassed pre-economic crisis levels.
Latin America and the Caribbean, have achieved strong results during this period. The Caribbean achieved an increase of 6%, the highest ever documented for a regional index. Latin America continued with the evolution observed in 2013 and also reached its highest growth figure in the half-yearly index.
Two regions recorded growth in the íindex of 5%: first Europe and the Middle East, this being the region's highest increase in six years. In second place,North America was boosted by the performance of the U.S., which, according to Smith Travel Research, recorded the best hotel occupancy levels in a century in June.
Asia-Pacific, the index remained stable. Asia, in particular, continued to offer excellent value for travelers, while prices paid by travelers in Australia declined due to the weak Australian dollar.
In addition to the general economic recovery, there are other reasons for price trends: currency fluctuations played an important role in determining whether fares paid for international travel increased or decreased. For example, travelers from the United Kingdom have benefited from the stability of the British pound against other, weaker currencies.
On the other hand, the civil unrest that occurred in several major tourist markets and affected price movements particularly in Egypt and Turkey must also be taken into account. In addition, hotel prices rose logically during the two major sporting events 2014 World Cups held during the first half of the year in Sochi and Brazil.