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Boston, MA -- (SBWIRE) -- 04/02/2013 -- This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.
BMI's Russia tourism report looks at the massive potential offered by the tourism market across Russia. Despite economic limitations in some of Russia's major markets in Europe, inbound tourism still experienced large growth in 2010 and 2011, and we expect this growth will continue from 2013 onwards. By 2017 we expect that total annual arrivals will reach close to 44mn, up from 27.3mn in 2012.
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Moscow and St Petersburg are traditionally the most popular tourist destinations within Russia, however gradual expansion to other areas of this vast country is underway, for example, we expect Vladivostok to become increasingly popular going forwards. However, the Russian tourism market is held back by a lack of adequate travel and accommodation infrastructure in many areas.
Russia is making substantial investments in the improvement and expansion of its travel infrastructure in anticipation of several high profile international sporting championships due to be hosted. The 2014 Winter Olympics and 2018 World Cup are two events that will result in massive investments in infrastructure, and the government has pledged to allocate RUB13.5trn for transport infrastructure up to 2015.
Ongoing security concerns throughout Russia could impact on tourism. Several large scale terrorist attacks, such as the November 2009 bomb that derailed the Nevsky Express train (a popular tourist route between Moscow and St Petersburg), have undermined tourism figures and concerns also linger with regards to regional tensions, particularly with states in the former Soviet bloc. In light of the large scale, international sporting events Russia will be hosting over the next few years, a close eye will need to be kept on the government's management of security threats.
The global economic crisis is likely to impact on some inbound figures, however we are still expecting to see growth in arrivals from all markets, particularly the Asia Pacific region. Outbound travel, based on improvements in Russia's domestic economy, is also expected to increase throughout the forecast period, and we forecast that it will reach over 51mn by 2017.
- Major hotel chains continue to expand, with particular growth expected outside of the main tourism markets at St Petersburg and Moscow. Accor and Starwood are two groups planning on opening new hotels by 2014.
- Developments are planned or underway at several airports, including expansions at Saratov Airport and Vladivostok Airport and the building of a new airport at Irkutsk.
- After large growth in 2011 of 20% outbound travel is expected to increase by on average 10% per year up to 2017.
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