Pent-up demand and shorter lead times for events, varying from one to
three months, are driving high prices for meetings and events,
according to the 2023 Global Business Travel Forecast, published by
travel management platform CWT and the Global Business Travel
This is particularly noticeable within Asia Pacific, the forecast
report says, with ongoing restrictions in countries such as China
prompting clients to ensure their events take place as quickly as
Asia Pacific also saw the sharpest increase in catering costs, with
the average F&B spend per attendee in 2022 up by around 120%,
compared to 2019.
According to the report, airline prices in Asia Pacific will rise
significantly in 2022 across the region but will remain below 2019
levels. As for hotel room rates, destinations with open borders will
continue to drive strong inbound traffic, putting upward pressure on
hotel rates, as seen most recently in Singapore. Rates in China and
Japan are unlikely to increase due to significant travel restrictions
keeping rates low.
also ranks as APAC's top corporate event destination next year,
followed by Tokyo, Port Douglas, Phuket and Brisbane, based on forward
bookings by CWT Meetings and Events clients.
In the report, CWT Meetings & Events states that many hotels and
venues in key markets are fully booked for large groups until 2024, such
that barring any Covid-related resurgence and accompanying travel
restrictions or severe geographic political upheavals, prices are likely
to continue to increase in 2023.