2% hike in accommodation prices globally for first time in 3 years: HPI

After three years of flat prices, price for overnight accommodation rose two per cent globally in 2017, according to the latest Hotel Price Index (HPI) from Hotels.com. In a year, where cryptocurrencies flooded the market, hashtags took over the red carpet and political debate turned well, political, the needle also moved for travellers, with a two-point rise in the global Index to 116, the closest it has been to the 2007 peak of 118. Every regional Index, except for North America, grew in 2017, signaling strong growth in the travel industry.
Johan Svanstrom, President – Hotels.com said, “The slight increase in average accommodation prices globally combined with numerous markets having record visitor growth signals a strong travel economy and a growing desire from consumers to experience the world. Cultural events have inspired travel more than ever before as we aspire not to just stand by and observe the action, but to instead actually be part of it. ”
Due to the implementation of new economic policies and GST in 2017, which introduced multiple tax slabs to cover different hotel categories, Indian hotel prices have witnessed an increase for the year.