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Market Report, "Russia Tourism Report Q2 2014", Published

Recently published research from Business Monitor International, "Russia Tourism Report Q2 2014", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 03/31/2014 -- BMI's tourism report for the Russian market looks at a range of variable factors, including rates of growth in inbound and outbound travel over our five-year forecast period to 2018, as well as the expansion of the country's accommodation market, tourism-related expenditure and the overall industry value.

The number of tourists arriving in Russia has been increasing steadily in recent years as major source markets in Europe continue to recover from the global credit crunch, and as emerging key markets in the Asia Pacific region continue to thrive. In line with these dynamics, we expect the number of inbound arrivals to increase from a forecast 34.7mn in 2014 to an impressive 47.5mn in 2018.

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At the same time, slow but steady economic growth in Russia will provide a boost to the number of outbound travellers from Russia. By the end of our current forecast period in 2018, we expect the number of outbound travellers from Russia to reach over 56.4mn, almost 10mn more than the expected inbound arrivals figure. Outbound travel is therefore an enormous potential market for developers.

While transport infrastructure in Moscow and St Petersburg is well developed, and the remainder of the country is served by one of the world's most extensive rail networks, transport as a whole is in need of wide-scale expansion and modernisation. This development is particularly important in more rural areas. Progress has been made in the run-up to the 2014 Winter Olympics, and is likely to be furthered by preparations for the 2018 World Cup. The government's intended investment of RUB13.5trn in transport infrastructure by 2015 will go a long way towards improving the industry's current infrastructure.

Security issues are likely to remain a concern for tourists and investors alike, and it is important that the government is seen as actively maintaining safety and security for both residents and visitors. Large-scale terrorist attacks, such as the November 2009 bombing that derailed the Nevsky Express train, could threaten the country's tourism, and continuing regional tensions with states in the former Soviet bloc are also a concern, particularly in the south of the country. Russia will be in the international spotlight during the Winter Olympics and World Cup, and it is essential, for both the short- and long-term health of the tourism market, that the country maintains a safe travel environment. Tourism is likely to remain a key focus for the Russian government and will benefit from an announced RUB4.4bn investment in 2014.

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, including in Sochi where many hotels have been built in preparation for the Winter Olympics.

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