New Consumer Goods market report from Timetric: "Travel and Tourism in Ecuador to 2018"
Boston, MA -- (SBWIRE) -- 08/07/2014 -- Ecuador's travel and tourism sector performed well during the review period (2009-2013) in terms of both tourist volume and expenditure. The main factors for tourism growth were government initiatives and continuous efforts to promote country's travel and tourism sector on international and domestic level. A rise in investments, driven by economic growth and public spending, also contributed.
- Ecuador's travel and tourism sector performed well during the review period (2009-2013) in terms of both tourist volume and expenditure.
- The tourism sector heavily relies on domestic tourism, with domestic expenditure valuing US$7.1 billion in 2013; as compared to US$1.3 billion in inbound expenditure. Domestic tourist volumes were also higher than international arrivals in 2013, with 6.8 million domestic trips against 1.2 million international arrivals.
- The government is investing in infrastructure and promoting and developing tourist attractions. In 2013, it announced a plan to invest US$660.0 million by 2017 in the promotion and development of tourist attractions such as the Amazon rainforests, the Galapagos and the Andes. It also established new regulations to support tourism professionals such as hoteliers and tour operators to expand their operations, improve quality standards and infrastructure.
- Government efforts to promote domestic tourism through promotional campaigns and infrastructure development increased domestic tourism activity. Expansion in airlines' domestic networks also contributed to the growth; LAN Ecuador added two daily flights service from Quito to Manta city in March 2013.
- Traveling by air was the preferred mode of transport for international tourists in 2013, with 760,010 choosing this method of travel, accounting for 65.8% of the country's total international arrivals. The development of new airports and the expansion of airline networks can be attributed to the popularity of air travel.
- The US is the most popular outbound destination for Ecuadorans, with a total of 395,100 departures to the US recorded in 2013. This was supported by relaxed visa regulations, cultural ties and a common currency. Departures to Peru accounted for the second-largest share of 17.5% of the total outbound departures in 2013, driven by geographical proximity and low currency conversion rates.
- With improvements in airport infrastructure and government initiatives to promote tourism, the airline market in Ecuador is expected to continue to grow over the forecast period. Total revenue will increase from US$1.2 billion in 2013 to US$1.5 billion in 2018, at a forecast-period CAGR of 4.15%. Load factor is anticipated to reach 69.4% by 2018. Increasing demand will fuel the expansion of international operators in the country's airline market.
- The hotel market in Ecuador will continue to record significant growth over the forecast period, with rising demand for accommodation and growing interest of investors in the market. Total revenue is expected to increase at a CAGR of 9.82% to reach US$1.2 billion by 2018. The main drivers can be attributed to increase in domestic and international tourist volumes; rise in business travel and government efforts to promote tourism on international platform.
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This report provides an extensive analysis related to the tourism demands and flows in Ecuador:
- It details historical values for the Ecuadorian tourism sector for 2009-2013, along with forecast figures for 2014-2018
- It provides comprehensive analysis of travel and tourism demand factors, with values for both the 2009-2013 review period and the 2014-2018 forecast period
- The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Ecuador.
- It provides comprehensive analysis of the trends in the airline and hotel industries, with values for both the 2009-2013 review period and the 2014-2018 forecast period.
Reasons to Get this Report:
- Take strategic business decisions using historic and forecast market data related to the Ecuadorian travel and tourism sector.
- Understand the demand-side dynamics within the Ecuadorian travel and tourism sector, along with key market trends and growth opportunities.
Companies Mentioned in this Report: TAME Linea Aerea del Ecuador, LAN Ecuador, Avianca Ecuador, COPA Airlines Ecuador, Cialcotel Hotels, Exclusive Hotels & Haciendas of Ecuador, Oro Verde Hotels, Wyndham Hotels Ecuador, Hilton Hotels Ecuador
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