Travel Costs to Rise 5% in ‘96, Study Says
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ROCHESTER, Wis. — Business travel costs are expected to increase 5% next year, according to a study by consulting firm Runzheimer International.
The Rochester-based management consulting firm and compiler of travel data said it expects lodging costs to rise the most, 7%.
The slow pace of new construction and strong demand for existing rooms is allowing hoteliers to raise prices, Runzheimer said.
The firm predicts that air fares will increase 5% and that the airlines will avoid costly fare wars.
Rental car companies will raise their prices 5%, it said, less than what would be needed to cover higher costs. Car rental rates are lower than they were 10 years ago, the firm said.
Runzheimer expects meal prices to rise the least, 3%, in part because people are eating lower-cost salads and fresh produce and are staying away from fancier, higher-markup items and alcoholic beverages.
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