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

Boston, MA -- (SBWire) -- 12/26/2013 --Tourist volumes increased in Russia during the review period (2008–2012), driven by rising disposable incomes and tourism promotion initiatives by the Russian government. Inbound tourist volumes expanded at a review-period CAGR of 4.45%, and are expected to increase further over the forecast period (2013–2017) at a CAGR of 8.86%.

Key Highlights

- Russia’s economy is expected to grow by 1.8% and 2.9% in 2013 and 2014 respectively. Private consumption growth, supported by rising real wage gains and low unemployment rates, is anticipated to remain the nation’s key economic driver. Moreover, the high prices charged for crude oil and gas – Russia’s main exports – will also support economic growth.
- With a land mass of 17 million km2, Russia is the largest country in the world. Its territory extends from the Baltic Sea in the west to the Sea of Japan in the east and comprises 11 time zones. Russia’s vast geographical expanse includes snow-covered mountains, vast rivers and lakes, Siberian wilderness, popular sea resorts around the Black Sea coast, and 23 UNESCO World Heritage Sites. Russia’s rich cultural heritage, borne out of a mixture of Vikings, ancient Slavs, Mongols, Tatars, Scythians, Swedish, Greeks, Genoese and others, is a big draw for tourists.
- In May 2013, the Russian Federation Federal Agency for Tourism (Rosturizm) held seven international forums devoted to various aspects of domestic tourism development in Yaroslavl, Kirov, Belgorod, Sverdlovsk, and the Republics of Khakassia, Komi and Tatarstan. Topics covered included the government’s participation in the development of the tourism industry, development of children’s tourism, inter-regional and cross-border cooperation, development of agriculture and eco-tourism, directions for the formation and promotion of national and regional tourism products, improvements to the quality of tourism services and an increase in competitiveness.
- The 2014 Winter Olympic Games in Sochi and the 2018 FIFA World Cup are expected to improve the country’s image and encourage growth in inbound tourism over the forecast period. Preparation for these events will include improvements in transportation and accommodation infrastructure, which will also help to develop tourism in these regions in the long term.
- According to the Federal Tourism Agency, in the first quarter of 2013, outbound tourism in Russia increased by 19%, adding 3.3 million tourists, when compared to the corresponding period in 2012. The most popular destinations were Egypt, Thailand, Finland, China, the UAE and Germany.
- The Russian government is aiming to increase the capacity of domestic and international LCCs. Changes to legislation, such as refundable tickets, inclusion of checked luggage and in-flight food and beverages are expected to encourage LCC activity; the carrier type’s market share is projected to reach 35% by 2023.

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Companies Mentioned in this Report: Aeroflot OAO, Rossiya Airlines OJSC, JSC S7 Airlines, Aviakompaniya UTair OAO, Transaero Airlines OJSC, Kempinski Hotels Russia, Rezidor Hotel Group Russia, Accor Hotels Russia, Heliopark Hotels & Resorts, Azimut Hotels Company, Sixt Russia, Axsel Rent, Avis Car Rental Russia, Hertz Russia, Europcar Russia, Intourist LLC, TUI Russia & CIS, Russkiy Express, Coral Travel, Natalie Tours

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