The cost of an average business trip is going to rise by almost 5% next year, according to business travel agency American Express. In its 2009 Global Forecast, the company said that the average trip cost for business travellers based in Europe would be €3,082 (£2,425). The increase for domestic trips would be smaller, rising by 2% to €1,020 (£802).

The company also said that hotel rates in key American business cities would still rise, despite the economic slowdown. In New York, it predicts rates will increase by up to 9% on 2008 while those in Chicago would rise by up to 8%. It said that falling local demand for rooms had been replaced by growing international demand, keeping rates high.

Amex also said that air fares would remain virtually the same in 2009 as in 2008, with business class fares rising by a maximum of 2%. High demand on flights to Asia and the volatile fuel price are seen as providing upward pressure on fares but this is countered by the slowing economy and increasing competition on long-haul routes.