TORONTO — According to the latest Hotel Price Index (HPI) from Hotels.com, prices travellers paid for overnight accommodation rose two per cent globally in 2017 and the industry recorded a two-point rise in the global price index to 116 — the closet it’s been to the 2007 peak of 118.
Every regional index, except for North America, grew in 2017, signaling strong growth in the travel industry. Prior to this, there had been seven years of continued growth in the North American Index since its low point of 96 in 2009.
“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 actually be part of it,” says Johan Svanstrom, president, Hotels.com.
Canadian travellers paid more for accommodation in more than 60 per cent of their Top-50 international destinations in 2017. This increase could well be due to the fact that international-tourist arrivals worldwide grew to 1.3 billion in 2017, representing a seven-per-cent jump, according to the latest UNWTO World Tourism Barometer.
Canadian travellers found accommodation prices rose in most popular domestic destinations. Although the country saw an average increase of only two per cent, most major destinations were hit harder. Toronto — the most popular destination in 2017, with two-thirds of its record 43-million visitors domestic — and Montreal, which celebrated its 375th birthday, both saw an increase of eight per cent. The highest average increases were seen in Halifax and the mountain resorts of Whistler, B.C.; Mont Tremblant, Que.; and Banff, Alta., where, together with Vancouver, overnight stays averaged more than $200 a night. Niagara Falls, Ont. enjoyed a busy year from both domestic and international markets, but its average rose by only four per cent.
The full report can be viewed here.