Australia Tourism Report Q4 2013 - New Market Research Report
Fast Market Research recommends "Australia Tourism Report Q4 2013" from Business Monitor International, now available
[ClickPress, Fri Oct 25 2013] BMI's Australia tourism report looks at the strong long-term investment potential offered by the country's tourism market, with growth expected across key market indicators, including inbound and outbound travel. Tourism receives excellent support from the Australian government, and we expect to see solid infrastructure investment throughout the forecast period and a very bright future for tourism overall.
After strong growth in 2010, inbound travel to Australia saw only minimal growth in 2011 of just 0.07%. This was primarily due to the continuing global credit crunch, which affected travel from major key markets, including the US and the UK. 2012 saw growth in inbound travel recover, and we expect this growth to gain pace throughout the forecast period, leading to an annual arrivals figure of just under 9.0mn in 2017, up from an estimated 5.8mn in 2012. The growing strength of the Australian dollar could, however, depress travel in future, as Australia increasingly becomes one of the most expensive destinations in the Asia Pacific region.
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The strength of the Australian domestic economy is leading to an increase in outbound travel, with growth of around 3% per year expected throughout the forecast period, meaning we expect to see an annual outbound travel figure of 15.4mn in 2017.
Australia has a well developed travel infrastructure, with good air, rail and road connections around the country. Increasing levels of investment in the air travel industry are furthering Australia's routes to countries within the Asia Pacific region, particularly with China, the region's economic powerhouse. At the same time the accommodation industry is also showing positive growth, with many of the top 10 hotel chains developing new properties in the country. The Australian government is well placed to invest in infrastructure, and with political and economic stability also attracting investors, the future is looking very positive for the Australian tourism market.
Recent developments include:
* Investment in the country's air travel infrastructure continues, with Perth, Canberra and Brisbane airports all the subject of redevelopment and expansion plans.
* Outbound travel is expected to show slow but steady growth; by 2017, we expect outbound travel to reach 15.4mn, an improvement on previously forecasted figures as the domestic economy shows signs of further growth to boost private financial consumption.
* Inbound travel, after a decline in growth in 2011, is expected to recover and grow year on year to reach almost 9.0mn by 2017.
* BMI has given Australia an overall Tourism Industry Risk/Reward rating of 69.4, to take fourth place in our Asia Pacific regional rankings, out of 21 countries.
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