Boston, MA -- (SBWire) -- 12/19/2013 --The UK tourism industry is looking exceptionally strong, with the 2012 Summer Olympics raising the global profile of the country as a tourism destination, boosting arrivals and providing a substantial long-term boost to the sector. The UK represents one of the strongest tourism markets in Western Europe, with increases expected across all our key market indicators throughout our forecast period.
As well as hosting the Olympics in 2012, the UK is also due to host two major international sporting events. In 2014 the Commonwealth Games will be hosted by Glasgow, in Scotland, and in 2015 the Rugby World Cup games will be played at a variety of locations around the UK. These events are likely to result in large numbers of participants and spectators travelling to the UK, extending the spotlight cast on the country by the highly successful Olympics.
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Inbound arrivals to the UK are expected to grow by over 4% in 2013, with London in particular benefitting from an increase in tourism. We expect arrivals to continue to increase throughout the forecast period, to reach an impressive 34.7mn in 2017, up from 31mn in 2012. The arrivals market is expected to continue to be dominated by Europe, which remains the UK's main source of tourism, despite the continuing economic uncertainty in various countries.
The outbound travel market is expected to show even more impressive growth, with annual increases of around 5% throughout the forecast period leading to an annual departures figure of 73mn in 2017. This is an increase of 13mn on the 2012 figure, representing a substantial opportunity for investment.
After a period of significant infrastructure development and hotel-building activity in the run-up to the 2012 Olympic Games, the scene may now be set for more modest overall growth in the UK's hotel industry. The market is already well developed, but there still room for development, as reflected by Accor's launch of new brand, the Adiago Aparthotels, in Liverpool in early 2013 and relaunch of the Mercure hotel in London in June 2013.
Key developments include:
- Relatively small growth of around 0.03% per year is expected in the accommodation sector, with developments including that of UK construction company Balfour Beatty, which secured a contract worth GBP121mn (US$181.5mn) to build a hotel, leisure and apartment complex for Grove Developments in North Greenwich Peninsula in London.
- Development of airport capacity continues, with the GBP80mn (US$123.5mn) redevelopment of the terminal at Stansted Airport under way, and Birmingham International Airport announcing plans to expand its capacity to rival that of Heathrow. UK airports operator Manchester Airports Group (MAG) has awarded two firms - BAM Construction and Carillion and Galliford Try - a contract for its capital delivery programme framework worth up to GBP100mn (US$156.65mn) annually.
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