New Consumer Goods market report from Timetric: "Travel and Tourism in Italy to 2017"

Boston, MA -- (SBWire) -- 10/18/2013 --In 2012, Italy was ranked fifth by the United Nations World Tourism Organization (UNWTO) in terms of inbound tourist arrivals and international tourist receipts. While the country recorded a decline in domestic tourism in 2011, inbound tourism continued to increase. In fact, inbound tourism growth remained strong through the 2009 financial crisis and has remained so through the European debt crisis. The travel and tourism sector accounted for 10.3% of the nation's total GDP and 11.7% of its employment in 2012.

Key Highlights

- Based on Timetric's estimates, Italy's real GDP is expected to contract by 1.7% in 2013, led by sluggish domestic demand on the back of subdued consumer and business sentiments. The economy is likely to improve in 2014 and grow by 0.3%, bolstered by improving household consumption and enhanced exports. With gradual improvement in the global economic situation, Italy's average GDP growth is projected to be around 1.2% during 2015-2017.
- The growth of the travel and tourism sector slowed in 2012 as the country entered another recessionary period. Besides the nation's economic contraction, a decline in investment and consumer spending was also recorded. According to the National Statistic Institute (Istat), the economy contracted by 2.6%, investment decreased by 2.3% and domestic consumption declined at a rate of 0.7% over figures from 2011.
- The number of tourists from Brazil, Russia, India and China (BRIC countries) increased during the review period. This upsurge is expected to make up for the decrease in domestic and European tourists. The government and tourism promotion agencies have been making efforts to attract tourists from these source countries. For example, in September 2010, Italy, France and Spain entered into an agreement to collectively attract international tourists from the BRIC countries. Under the joint logo of "European Passion", the three countries aim to promote the Mediterranean Arc in BRIC countries.
- The religious centre of Catholics, the landlocked Vatican City State within Rome, is considered one of the key reasons for the growth of religious tourism in Italy. The country has more than 30,000 churches and sanctuaries. Additionally, according to the UN's World Tourism Organization (WTO), Italy is home to seven of the 10-most-visited Christian sanctuaries.
- July-September is the peak season for domestic trips in Italy. Additionally, with a share of 54.5% of the total domestic trips in 2012, north Italy accounted for the highest number of domestic tourist arrivals, followed by central Italy with a share of 22.6%. Southern Italy accounted for only 16.0% of the total domestic trips in 2012 owing to its lack of tourism infrastructure development.

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Companies Mentioned in this Report: Meridiana fly SpA, Alitalia - Compagnia Aerea Italiana SpA, Blue Panorama Airlines SpA, Air Italy SpA, Air Dolomiti SpA Linee Aeree Regionali Europee, Jolly Hotels SpA, Baglioni Hotels SpA, UNA Hotels & Resorts, Boscolo Hotels SpA, Accor Hospitality Italia SRL, Maggiore Rent SpA, ALD Automotive Italy, Sixt Italy, Europcar Italia SpA, Hertz Italiana SpA, Welcome Travel Group SpA, Bluvacanze SpA, Uvet American Express Corporate Travel SpA, eDreams Italy, Zani Viaggi Srl

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