Recently published research from Business Monitor International, "Russia Tourism Report Q4 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 11/18/2013 -- BMI's Russia tourism report looks at the expected trends in the country's tourism market, examining the growth in inbound and outbound travel and the effect this will have on tourism-related expenditure and industry value. Strong domestic economic growth is providing a positive environment for tourism, with high-profile international sporting events, and the accompanying infrastructure investments, boosting the country's profile.
Outside Russia's main tourist destinations of Moscow and St Petersburg, tourism infrastructure is in need of extensive expansion, with the accommodation sector in particular needing modernisation in order to bring it in line with Western standards. The 2014 Winter Olympics and 2018 World Cup are boosting investment in Russia's transport infrastructure, and we are also seeing an increase in tourism to the city of Vladivostok. Investment of RUB13.5trn in transport infrastructure by 2015 will go a long way towards improving the industry's current limitations.
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Inbound tourism has been increasing steadily since 2010 and will grow over the forecast period to 2017. The Asia Pacific region is likely to become an increasingly important source market for tourism in Russia. Similarly, outbound travel to the Asia Pacific region is expected to gain ground by 2017, with overall outbound travel increasing, thanks to Russia's growing economic strength.
Tourism in Russia is, however, predicated on the country maintaining a sense of safety and security, and ongoing security concerns could impact 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 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 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 over 17%, outbound travel is expected to increase by over 8% per year up to 2017, reaching close to 52mn annual outbound travellers.
- Inbound travel will also increase at a similar rate of approximately 10% per year throughout the forecast period and is expected to reach over 45mn by 2017.
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