New Consumer Goods market report from Business Monitor International: "Croatia Tourism Report Q4 2013"
Boston, MA -- (SBWIRE) -- 10/04/2013 -- BMI sees a strong outlook for tourism in Croatia, with recovery progressing well following the global credit crunch, which impacted heavily on inbound tourism from within Europe. While domestic economy limitations mean outbound travel growth is still slow, we expect to see good gains in inbound travel throughout the forecast period.
Inbound tourism to Croatia saw a slight decline in 2010, but figures have since recovered, and as the economies of major markets within Europe continue to improve, we expect to see steady advances in the number of travellers arriving in Croatia. By 2017 we expect arrivals to reach close to 13mn per year - a substantial increase on the 2012 arrivals figure of just over 10mn.
While outbound travel saw good growth in 2012, in 2013 we expect to see a slight decline in the number of outbound travellers, though we do expect figures to recover from 2014 onwards, to reach over 3.5mn in 2017. This growth is dependent on improvements in the domestic economy, which is linked to the economic health of the European region as a whole.
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The government is supportive of the tourism industry, with plans to cut the VAT rate on accommodation and food, as well as improvements to the country's tourism infrastructure all boding well for the future of the tourism market. Croatia currently suffers from a dearth of modern hotel accommodation, and government plans to add some 60,000 new hotel beds to the national supply by 2020 will go a long way to address this shortcoming.
- Major new resorts on the islands of Pasman and Ugljan are under development, which once complete will offer over 6,000 new hotel beds over the coming five to seven years based on investment of over EUR 140mn.
- Several of the global top 10 hotel chains have a presence in Croatia, with the Hilton group in particular planning to expand.
- This quarter, BMI has given Croatia an overall Tourism Industry Risk/Reward Rating of 48.76, putting it in 18th place within the CEE region, behind Poland and ahead of Bulgaria.
- Outbound travel is expected to show minor declines in 2013 but recover thereafter, with any losses offset by increases in inbound travel based on improvements on economies from within the EU.
- Key events in 2013 include the Festival of Flowers, the MaFest comic book festival, the Croatia Open ATP tennis tournament and a variety of international music and cultural events.
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