While airfares on many routes are falling, what is happening with hotel prices? Should your hotel travel budget be higher or lower?
The simple answer is: it depends.
For those controlling travel budgets in Hong Kong, currency exchange rates have become an important factor. With the US dollar falling in value over the past two years, hotels in some cities would be more costly for Hong Kong travellers - even if a hotel's rate was unchanged.
Of the selected five cities in the table, there are stunning differences. You should be paying less this year for a room in London and in New York than you paid in 2000 - 14.9 per cent less in London, and 8.7 per cent less in New York. But that's when calculated in local currencies.
In New York, there is no difference when calculated in Hong Kong currency, (because of the US dollar peg) but in London you would be paying about 3 per cent more than in 2000.
The New York rate change is a market factor. Prior to September 11, 2000, business in New York's hotels was booming. But the rate loss that followed the terror attacks has still not been recovered.