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Boston, MA -- (SBWIRE) -- 09/30/2013 -- The Chile tourism report examines the strong long-term potential currently being offered by the local tourism industry, bolstered by continuing strong levels of government support, but cautions that growth in tourist arrivals may moderate slightly from 2013 onwards, as tourists to Latin America may choose to travel to Brazil instead, given that it is hosting the football World Cup in 2014 and then the Olympic Games in Rio de Janeiro in 2016.
The report also analyses the growth and risk management strategies being employed by some of the leading players in the Chilean accommodation sector, as they seek to maximise the tremendous growth opportunities being offered by the local market at the present time.
Preliminary figures from Sernatur (the Ministry of Tourism) indicate that tourist arrivals in the first five months of the year totalled 1.65mn. This represented a slight decline from 1.67 over the same months in the previous year, or a y-o-y decline of 1.2%. While we had expected tourism arrivals to moderate in 2013 following exceptional growth of 15% in 2012, we are concerned that a decline took place during Chile's summer months, traditionally a period of high arrivals.
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Sernatur's figures indicate that arrivals from neighbouring Argentina are among the highest declines, suggesting that Argentina's ongoing economic turmoil is impacting on Argentine tourist visits to Chile. Given Argentina's status as the primary source of tourism to Chile, we are concerned that a worsening of the situation in Argentina could further weigh on Chile's tourism industry. We will continue to monitor the situation and revise our forecasts as required.
Over the last quarter, BMI has revised the following forecasts and views:
- BMI forecasts that tourism arrivals from Argentina will total 1.39mn in 2013, a slight increase from 2012.
- However, arrivals from Brazil will continue to grow, reflecting the country's growing middle class. We are forecasting 447,880 arrivals from Brazil in 2013, or growth of 12.6%.
- International tourism receipts will grow strongly in 2013, to US$3.43bn, or by 8.26%.
- Total arrivals will grow by 7% in 2013, down from 15% growth in 2012, as lower arrivals from Argentina weigh on Chile's tourism returns.
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