Boston, MA -- (SBWire) -- 01/06/2014 --BMI's Russia tourism report examines a range of key market indicators, including expected growth in inbound and outbound travel, tourism-related expenditure and growth in the hotel and accommodation market. With several high-profile sporting events coming up, and infrastructure investment coming in, the future is looking very positive for tourism in the burgeoning Russian market.
Inbound tourism to Russia has been increasing steadily since 2010 and we expect the number of annual arrivals to continue to increase throughout our forecast period to 2017. Year on year growth of between 8.5% and 12% will see arrivals reach over 45mn by 2017, a substantial increase o the 2013 arrivals figure of just under 31mn. Throughout this period we will the Asia Pacific region an increasingly important source market for tourism in Russia.
Outbound travel from Russia, thanks to its gradually improving domestic economy, is also expected to show strong growth, at a rate of around 9% per year. By 2017, therefore, we expect the number of departures to reach more than 54mn - an enormous potential market.
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Tourism infrastructure outside Russia's main tourist destinations of Moscow and St Petersburg is in need of extensive expansion and modernisation with the accommodation sector in particular in need of development in order to bring it up to Western standards. Progress is being aided by preparations for the 2014 Winter Olympics and 2018 World Cup, which are boosting investment in Russia's transport infrastructure and investment of RUB13.5trn in transport infrastructure by 2015 will go a long way towards improving the industry's current limitations.
Russia is becoming an increasingly popular tourist destination; however, this is reliant on the government maintaining safety and security for both residents and visitors, with ongoing security concerns likely to impact on industry growth. Large-scale terrorist attacks, such as the November 2009 bombing that derailed the Nevsky Express train, could threaten the industry, and continuing regional tensions with states in the former Soviet bloc are also a concern. Russia will be in the international spotlight during the Winter Olympics and World Cup, and it is essential the country maintains a safe travel environment.
Key trends and developments in Russia's tourism industry:
- Major sporting events are boosting the growth of the accommodation sector, with particularly good growth expected outside the main tourism markets at St Petersburg and Moscow. Accor and Starwood are two groups planning on opening new hotels by 2014, and a large range of hotels will be built in preparation for the Winter Olympics.
- Improvements are planned or under way at several airports, including expansions at Saratov Airport and Vladivostok Airport and the building of a new airport at Irkutsk.
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Russia Tourism Report Q1 2014 - New Study Released
Fast Market Research recommends "Russia Tourism Report Q1 2014" from Business Monitor International, now available