Recently published research from Business Monitor International, "United Kingdom Tourism Report Q2 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/14/2014 -- Tourism in the UK has received a substantial boost from the highly successful 2012 Olympic Games, which raised the country's international profile and saw a range of long-term investments in the UK's accommodation infrastructure. We expect to see growth across the board through to 2018.
The UK is likely to build on the sporting legacy left by the Olympic Games by hosting two major international sporting events in 2014 (the Commonwealth Games in Glasgow, Scotland) and 2015 (the Rugby World Cup at a variety of locations around the UK). These events will not only see a boost to local infrastructure, but will also lead to a large number participants and spectators travelling to the UK, extending the spotlight cast on the country by the highly successful Olympics and expanding the country's global popularity.
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Tourism in the UK has a long and well-established history, and while arrivals saw a dip during the global credit crunch, numbers have long since recovered and we expect to see growth throughout our forecast period to 2018 when arrivals are forecast to reach an impressive 35.3mn. The arrivals market is expected to continue to be dominated by Europe, which remains the UK's main source of tourism, despite the continuing economic uncertainty in various countries. That said, we expect to see an increased diversification through visa relaxation schemes including one recently extended to countries in the Middle East.
Thanks to improvements in the domestic economy, including relatively steady GDP growth and a reduction in unemployment, we are also forecasting impressive growth in the outbound travel market. By 2018 we forecast that annual departures will reach over 74.6mn, with one of the highest rates of departure per population in the world.
The hotel industry in the UK is already well developed, with a great deal of new properties opening up in the run-up to the 2012 Olympic Games. Despite this, there is still room for growth, with many major hotel groups, including Accor, launching new hotels in the upcoming years. Overall, therefore, the future is looking very positive for tourism in the UK.
Key developments include:
- Relatively small growth of between 0.01% and 0.03% per year is expected in the accommodation sector, with major developments including that of UK construction company Balfour Beatty, which secured a contract worth GBP121mn (US$181.5mn) to build a hotel, leisure and apartment complex for Grove Developments in North Greenwich Peninsula in London.
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