New Consumer Goods market report from Business Monitor International: "Australia Tourism Report Q2 2014"
Boston, MA -- (SBWIRE) -- 04/11/2014 -- BMI's report on Australia's tourism market looks at the enormous potential offered by this well-established and popular destination in the booming Asia Pacific region. With a stable political environment and strong domestic economy supporting growth, we expect to see substantial gains across a range of key market indicators, including inbound and outbound travel, receipts from tourism expenditure and overall industry value.
Australia's inbound tourism market suffered in the wake of the global credit crunch, which heavily impacted on long-haul travel from key markets such as the US and the UK, and 2011 saw growth of just 0.07% compared with 2010. Arrivals recovered well in 2012 and 2013, and from 2014 onwards we expect to see substantial growth of up to 12% per year, leading to an annual arrivals figure of more than 9.3mn in 2018. The strength of the domestic economy could, however, deter potential visitors, as Australia is becoming an increasingly expensive destination, particularly relative to more affordable destinations in the Asia Pacific region.
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The upside of Australia's strong domestic economy is that it is leading to higher private financial consumption and therefore increased rates of outbound travel. While annual growth will be lower than that seen in terms of inbound arrivals, we still expect to see solid growth by 2018, when the number of outbound travellers is expected to reach 16.0mn. This is an increase of more than 2mn on the 2013 outbound travel figure, reflecting very healthy growth in this market.
Australia is well placed to take advantage of the expected growth in both inbound and outbound travel given its well-developed transport infrastructure. The country's range of domestic and international airports means that, despite its remote geographical location, Australia is relatively accessible for potential visitors. Travel around the country's vast expanse is also facilitated by the extensive road and rail network, while the welldeveloped hotel and accommodation market means there's no shortage of options for visitors.
Recent developments in Australia's tourism market include:
- Expansion plans are under way at Perth, Canberra, Melbourne and Brisbane airports, which will aid longterm expansion of the market.
- Outbound travel is expected to show slow but steady growth; by 2018, we expect outbound travel to reach 16.0mn, an improvement on previous forecasts, as the domestic economy shows signs of further strong growth, which will boost private financial consumption.
- Inbound travel, after a decline in growth in 2011, is expected to recover and grow to reach 9.3mn by 2018.
- BMI has maintained Australia's overall Tourism Industry Risk/Reward rating of 70.8, keeping the country in third place in our Asia Pacific regional rankings, out of 21 countries.
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