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Sector Analysis
Travel and Tourism in Colombia to 2020
Due to weak local currency, more Colombians are expected to opt for domestic trips over outbound travel in 2016. The weak peso will also continue to support the growth of inbound tourism. International arrivals grew by 16.3% in 2015. Furthermore, a ceasefire agreement to put an end to the 50-year conflict between the government and FARC rebels has been signed in June 2016. This is expected to have a significant positive impact on international arrivals.
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Analyst Opinions
Travel and Tourism in Cyprus to 2020
Cyprus’s tourism sector registered growth in 2015, driven by the cheaper Euro which attracted key markets to the country. Outbound tourism in Cyprus declined to 1.1 million in 2015. The country’s sluggish economic growth and high unemployment rate were the reasons that could be attributed for such decline.
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Analyst Opinions
Source Market Insights: India
Indian outbound trips have been growing fast in recent years, from 13 million in 2010 to 19.4 million in 2015. Further growth is expected and Canadean forecasts a total of 32.3 million outbound trips in 2020, making India one of the fastest-growing outbound markets in the world. Business trips still account for the largest amount of outbound trips (33.2%); however, leisure is the fastest-growing segment. Outbound spending increased by 6% in 2015, reaching US$15.1 billion.
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Analyst Opinions
Source Market Insights: China
Chinese consumers fueled a travel and tourism boom, which has grown over the historic period, despite the country’s economic slowdown. Over 120 million Chinese tourists made outbound trips in 2015, an increase of 12% on the previous year.
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Sector Analysis
Travel and Tourism in Indonesia to 2020
Indonesia’s tourism sector depicted growth during 2010–2015, driven by the tourism ministry’s promotional campaigns such as “Wonderful Indonesia”. Moreover, the weak Indonesian currency against the US dollar led to rise in domestic trips which reached 255 million in 2015. Tourism promotion in Indonesian cities by countries such as Singapore is the reason that could be attributed for growth in outbound tourists.
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Sector Analysis
Travel and Tourism in Singapore to 2020
Singapore’s tourism sector registered growth in 2015, driven by Singapore Tourism Board’s (STB) efforts to attract tourists by launching tourism promotion campaigns. With a share of 47.4% of the total outbound trips in 2015, Malaysia remained the largest destination market for Singapore. A strong Singapore dollar encouraged Singaporeans to take more outbound trips rather than domestic trips.
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Sector Analysis
Travel and Tourism in Malaysia to 2020
International arrivals to Malaysia declined in 2015, largely due to the airline disasters that took place in 2014 (Malaysian flight MH370 disappeared in March and flight MH17 was shot down on July 17). However, the market is expected to recover and grow by 2% in 2016, driven by the depreciating Malaysian currency.
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Sector Analysis
Travel and Tourism in the UK to 2020
With the help of VisitBritain’s (tourist board of Great Britain) tourism promotional efforts, the UK’s tourism sector depicted growth during 2010–2015, when domestic and inbound tourist volumes rose at a CAGR of 1.99% and 3.81% respectively. The growth in outbound tourism was supported by the improved economic growth in the same period.
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Sector Analysis
Destination Market Insights: East Africa
The East African region is going from strength to strength with over 5.4 million international arrivals in 2015, a growth rate of over 2% in one year. Although recent terrorist attacks have affected Kenya’s inbound market, overall, there is a positive trajectory across the region with Canadean expecting arrivals to reach over 7.2 million by 2020.
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Analyst Opinions
Source Market Insights: United States
The United States has seen increasing numbers of consumers opt for outbound travel in recent years with 2016 seeing a 8.2% increase in trips. This growth has been fuelled by drivers such as the expansion of the LCC market share in the US, with airlines such as British Airways’ new long haul LCC, ‘Level’ entering the market . As such GlobalData expects total outbound trips to reach over 96. 5 million by 2021. There are a number of challenges which...
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