CWT explores travel trends in the Energy, Resources & Marine industry
9 September, 2015
CWT Energy, Resources & Marine, a division of Carlson Wagonlit Travel (CWT), has today released its third annual forecast into travel trends in the energy, resources & marine industry, the 2016 Energy, Resources and Marine Forecast. The findings, which provide travel buyers with comprehensive data to plan and budget for the coming year, show the industry’s travel will be affected by changing oil prices, and reduced air and hotel traffic in key locations.
Monisa Cline, senior vice president, CWT Energy, Resources & Marine, said, “Travel conditions in the energy, resources & marine industry are changing in many different and complex ways. This report is designed to help our clients understand the implications of these developments, and to ensure their programs remain as efficient and effective as possible.”
The 2016 Energy, Resources and Marine Forecast highlights a general trend of increasing airfares, as well as specific conditions in those parts of the world that have a concentration of energy, resources & marine industry activity.
John Vawter, vice president, CWT Energy, Resources & Marine, Americas, added, “Our forecast looks at detail, as well as the wider picture. For example, Houston could see more volatile airfares in light of reduced travel demand, yet we've seen more international carriers entering this market. We also know the continued economic uncertainty in Europe means there will be shifting demand and therefore inconsistent pricing. Since these factors all have an impact on how travel buyers plan, the report also provides ways in which they can adjust their tactical planning both to accentuate the positive changes and minimize the negative ones.”
The report, which is free to download, also examines new technology and online booking tools, looking at the data to identify program improvements and looking at whether travel apps are a good fit for travelers.
Note to editors
Due to significant market volatility, a number of factors may affect the prices projected in this forecast. For more information, please visit page two of the report.
The projections in the 2016 Energy, Resources and Marine Forecast are based on:
· A statistical model, developed by market and economic research firm, Rockport Analytics, that evaluates historical price behavior and forecasts future price references
· The market-specific expertise and travel industry knowledge of CWT Energy, Resources & Marine and CWT Solutions Group personnel worldwide
· Macroeconomic information sourced from Moody’s Analytics, the International Monetary Fund Research Department, the United Nations and others
Projections were derived based on transaction data from CWT’s global client portfolio, including clients’ travel footprints and patterns, over the past six years. Key macroeconomic and per-country indicators, such as current and expected GDP growth, the consumer price index, unemployment rates and crude oil prices, were used in the statistical model, as well as key supply-side drivers sourced from OAG and STR Global. All air statistics represent point of origin and include all trip types (long and short haul/domestic, continental and intercontinental).
About CWT Energy, Resources & Marine
CWT Energy, Resources & Marine provides specialized travel management solutions for organizations operating in oil and gas, diversified resources and mining, offshore, marine services and alternative energies. Building on more than 30 years of experience, we work closely with clients worldwide to find the right solutions for their complex travel needs, providing first-class service and leading-edge technology and products.
CWT is a global leader specialized in managing business travel and meetings and events. CWT serves companies, government institutions and non-governmental organizations of all sizes in more than 150 countries and territories. By leveraging both the expertise of its people and leading-edge technology, CWT helps clients derive the greatest value from their travel program in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travelers. In 2014, sales volume for wholly owned operations and joint ventures totaled US$27.3 billion. As part of its commitment to responsible business, CWT is a signatory of the United Nations Global Compact Ten Principles. For more information about CWT, please visit our global website at www.carlsonwagonlit.com. Follow us on Twitter @CarlsonWagonlit.