Cost of Travel
Travel will become more affordable for more people in the long run
Over the next 20 years, travel will become easier and faster. Since the year 2000 the price of airfares have been reduced by close to 40% due to the improvements in technology as well as the rise of low-cost airlines. This trend will continue over the long run with more efficient technologies and different business models on how travel is organized today.
The number of travelers will rise continuously as well. While traveling was a luxury in the past, today it is normality for many. In 2017, almost 4 billion people have traveled in plane. This number is expected to increase to 7.2 billion in 2035. This will further shape the cost of travel.
Cost of Travel will raise in 2018
How is the outlook for 2018 in terms of cost of travel? Despite the trend of traveling become more affordable in the long run, there is an increase in flight and hotel prices expected for 2018. Airline prices are expected to increase by 3.5% globally. Looking at individual regions, the cost of travel is especially increasing in Eastern Europe by 7.1%.
There is a similar development on the hotel market. The cost of travel for hotels will increase by 3.7%. A stronger global economy and an increase in demand are mentioned as general factors for the increase in pricing. Inflation and increasing oil costs are further supporting the trend of higher cost of travel in 2018.
20 countries which are cheap to visit
If you want to counter the trend for 2018 and still travel as much as possible. You may want to consider one of these countries to your travel list. The following 20 countries are named by the World Economic Forum as the cheapest countries to be visited in 2018:
- Saudi Arabia
- Sri Lanka
Despite the low cost of travel, you may want to reconsider whether you actually want to visit Yemen right now.