The increase in global hotel prices is being driven by solid demand keeping occupancy high in most regions. Rate increases will be higher in Asia - particularly Japan, host of the 2020 Summer Olympics, and Vietnam, where both leisure and business travel demand is strong.

Meanwhile, airlines will raise average fares in most markets to help offset higher fuel and labor costs. Globally, average ticket prices are expected to rise between 1% and 2% in 2020.

Download: BCD Travel's 2020 Industry Forecast