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Travel and Tourism Industry 2016 Market Size, Share, Global Insights, Emerging Trends and Growth

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Due to weak local currency, more Colombians are expected to opt for domestic trips over outbound travel in 2016. The weak peso will also continue to support the growth of inbound tourism. International arrivals grew by 16.3% in 2015.
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Global Travel and Tourism Industry 2016 Market Size, Share,
Global Insights, Emerging Trends and Growth, Analysis and
Professional Survey Report 2016
Summary
Due to weak local currency, more Colombians are expected to opt for domestic trips over outbound
travel in 2016. The weak peso will also continue to support the growth of inbound tourism. International
arrivals grew by 16.3% in 2015. Furthermore, a ceasefire agreement to put an end to the 50-year conflict
between the government and FARC rebels has been signed in June 2016. This is expected to have a
significant positive impact on international arrivals.
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Key Findings
- The Colombian travel and tourism sector continued its strong growth track in 2015. Inbound tourism
has registered impressive growth over the last few years: 8.2% in 2013, 7.4% in 2014, and 16.3% in 2015,
driven by Colombia's improved safety. The growth can also be attributed to the weak Colombian
currency in 2015. International arrivals totaled 2.3 million in 2015 and are projected to grow at a CAGR
of 6.7% over the forecast period (2016-2020) to reach 3.2 million by 2020. However, the depreciating
currency adversely impacted international departures. Outbound trips fell by -1.3% in 2015 and
expenditure declined by -0.6%. Over the forecast period, domestic trips are projected to grow at an
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average annual rate of 5.7%, to reach 32.6 million by 2020. Outbound trips are expected to reach 5.1
million by 2020
- The Colombian Government intends to exempt foreign tourists from the 16% sales tax (VAT) on
tourism-related services. In February 2016, President Juan Manuel Santos announced at the tourist fair,
Anato, that “Already the decree is prepared which exempts from VAT those who visit us from the
outside and those who buy tour packages associated with health tourism, tourism events, or related to
cultural activities”. Santo added “it is good news for travel agents to sell more and at a better price”.
This new tax policy is now effective
- Congestion at the county's largest airport - El Dorado airport - at Bogota is the major challenge for
Colombia in supporting air traffic growth in the coming years. El Dorado was originally designed to
handle 15 to 17 million passengers a year but it had to handle 30 million passengers in 2015. There have
been efforts (new terminals opened in 2012 and 2014) to ease congestion by expanding capacity.
Furthermore, there are plans to construct another airport “El Dorado II” by 2021 with an investment of
US$375 million
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Synopsis
Canadean's report - Travel and Tourism in Colombia to 2020 - provides detailed information on the
country's tourism sector, analyzing market data and providing insights. This report provides a better
understanding of tourism flows, expenditure, and the airline, hotel, car rental, and travel intermediaries
industries.
What else does this report offer?
- Historic and forecast tourist volumes covering the entire Colombian Travel and Tourism sector
- Detailed analysis of tourist spending patterns for various categories, such as accommodation,
sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others
- Analysis of trips by purpose and mode of transport, and expenditure across various categories
including domestic, inbound, and outbound tourism, with analysis using similar metrics
- Analysis of the airline, hotel, car rental, and travel intermediaries industries by customer type - leisure
and business travelers
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Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to Colombia's Travel
and Tourism sector
- Understand the demand-side dynamics within the industry to identify key market trends and growth
opportunities
- Direct the promotional efforts on most promising markets by identifying the key source and
destination countries
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2020/details
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About Us:
Hexa Reports is a market research and consulting organization, offering industry reports, custom
research and consulting services to a host of key industries across the globe. We offer comprehensive
business intelligence in the form of industry reports which help our clients obtain clarity about their
business environment and enable them to undertake strategic growth initiatives.
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