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New Market Research Report: Hungary Tourism Report Q4 2013

New Consumer Goods research report from Business Monitor International is now available from Fast Market Research

 

Boston, MA -- (SBWIRE) -- 09/25/2013 -- BMI's Hungary tourism report looks at the expected trends in the Hungarian tourism market, incorporating inbound and outbound travel, the hotel and accommodation market and travel related expenditure. Hungary is one of the most enduringly popular destinations in the world, certainly the most popular in the Central and Eastern European market, and while tourism was affected by the global economic crisis, signs are now all pointing not just towards recovery but growth.

With a gradually strengthening domestic economy in place, including higher GDP and increased private financial consumption, we are forecasting a rise in the number of outbound travellers from Hungary, of between 3% and 7% per year to reach over 7.3mn by 2017, an increase on previous forecasts based on revised and improved economic forecasts. At the same time, as major source markets within Europe, such as Germany, continue to recover from the credit crunch, we expect to see an increase in the already substantial inbound arrivals figures. This growth in inbound travel is, of course, dependent on the economies of countries within the Eurozone continuing to show signs of improvement.

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Hungary is working on developing its tourist attractions outside of Budapest, the capital city, which has long been marketed as a short break destination. Indeed, the city is one of the most enduringly popular tourist attractions in Europe, with millions of visitors every year. However the country does have more attractions further afield, including the historical town of Visegrad, several UNESCO World Heritage sites and the Mecsek Mountains, and the government is keen to extend the benefits of tourism spending to these regions through a range of investments and marketing programmes.

Infrastructure in Hungary is well developed with good rail links to the rest of Europe, as well as several airports served both by major carriers and by low cost budget airlines. The road network is also well developed and a range of accommodations are available. However, most visitors to Hungary are short term visitors to Budapest, typifying the country as a weekend break destination, and significant investment will be needed for Hungary to become a major competitor to other longer stay European vacation destinations like Italy and Croatia. This will include expanding transport and accommodation infrastructure in more rural regions

- Starwood, a major global hotel group, has recognised the potential of the market and announced plans to expand in the market, supporting our expectation that the overall number of hotels in the country will increase by 2017.
- The international airport at Budapest is subject to improvement works and the government is also investing in several infrastructure improvement projects including expansion of the country's rail network.

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