According to a Global Business Travel forecast by American Express, there are indications that an increase in the prices for business travel is apparently on the cards all over the world in 2012, with the passengers in the Asia-Pacific region likely to witness the highest hike.

Going by the projections, strong travel demand in Asia and Latin America, leading to an increase in business passenger volume, will apparently result in a hike of between 1 percent and 6 percent in the airfares for short haul travel – that is, flights less than three hours.

The increase in the number of people traveling will lead to a shortage of room capacity; and, thus, a resultant increase in hotel fares. While the room rates in the Asia-Pacific will likely rise by an average of 6-10 percent, the restricted geographies of Singapore and Hong Kong will witness a hike in prices of mid-range and upper-range hotels from between 10 percent and 14 percent.

With the airfare increases likely to be more conservative in North America and Europe because of the instability and stagnant growth there, Dr Carl Jones - American Express’ director head of consulting in Japan, Asia-Pacific and Australia – said that an increasing number of businesses will be traveling to Asia in an attempt to “capitalise on its economic expansion.”

Highlighting the fact that there are opportunities galore in the Asia-Pacific region, Jones said: “If you reduce your business travel down to a level that damages your business, you are not going to be an effective organisation going forward.”