The report
“Travel and Tourism in Colombia to 2017” by Timetric is now available at RnRMarketResearch.com.
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The report
provides detailed market analysis, information and insights, including: Historic
and forecast tourist volumes covering the entire Colombian travel and tourism
sector; Detailed analysis of tourist spending patterns in Colombia; The total,
direct and indirect tourism output generated by each category within the
Colombian travel and tourism sector; Employment and salary trends for various
categories in the Colombian travel and tourism sector, such as accommodation,
sightseeing and entertainment, foodservice, transportation, retail, travel
intermediaries and others; Detailed market classification across each category,
with analysis using similar metrics; Detailed analysis of the airline, hotel,
car rental and travel intermediaries industries.
During the
review period (2008?2012), tourist volumes in Colombia increased, driven by the
country’s improved air connectivity and government initiatives to promote
tourism. The country’s inbound tourist volumes expanded at a review-period
compound annual growth rate (CAGR) of 8.49% and are expected to record growth
over the forecast period (2013?2017) at a CAGR of 6.98%. However, the
government’s expenditure on tourism is relatively low and accounted for only
5.3% of the nation’s total GDP in 2012, valuing US$0.02 trillion. In
comparison, neighboring countries such as Brazil and Venezuela allocated
US$176.81 trillion and US$10.23 trillion respectively.
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Based on
Timetric’s current forecasts, Colombia’s GDP is expected to grow by 4.2% and
4.8% in 2013 and 2014 respectively, aided by a revival of private consumption
and investment due to monetary stimuli by the Central Bank. Timetric expects
the economy to expand at a CAGR of 5.1% over 2015?2017, led by robust domestic
demand and enhanced exports due to economic recovery in the US, Colombia’s key
trading partner.
The
government is providing tax incentives to attract more domestic and foreign
investments in the tourism sector over the next 30 years. Exemptions cover new,
remodeled or expanded hotels constructed between 2003 and the end of 2017. This
measure has prompted small, medium and large enterprises to begin constructing
4,000 new hotels, particularly in the area of ecotourism, by promising to
provide a host of new and improved facilities.
According
to the Ministry of Commerce, Industry and Tourism, domestic tourism rose by 20%
in 2012. The strength of the industry is due to a significant reduction in air
fares, an improvement in car travel safety, the upgrade of hotel services and
infrastructure, and more focus on tourism promotion.
The Caño
Cristales River is becoming more accessible to visitors. The site was closed to
the public until 2009 due to the presence and activity of Colombia’s largest
rebel group, the FARC, in the area. However, security improvements are making
the site more accessible to inbound visitors.
Regional
travel is expected to grow over the forecast period. In 2011, Colombia, Chile,
Peru and Mexico signed a treaty to improve trade relations, a part of which
also includes working together to promote travel. Through Proexport, the
Colombian government is working on plans with Mexico, Chile and Peru to synergize
regional travel to help promote outbound tourism.
In 2012,
Colombian airline Avianca added 1,880 seats on flights to eight destinations
across the US and South America. Avianca offers international seats to Miami,
New York, Orlando, Punta Cana, Santo Domingo, Havana, Rio de Janeiro and La
Paz. Avianca also launched a new non-stop flight on the Bogotá-Havana route.
This link between Colombia and Cuba is operated by Airbus A319 aircraft with a
passenger capacity of 120.
Colombia’s
first Courtyard by Marriott Hotel is expected to open in Bogotá in April 2014.
The hotel will have 146 rooms and will be located along Bogotá’s Avenida El
Dorado, linking the airport and the city center. This will be the closest hotel
to the newly expanded El Dorado International Airport.
In 2012,
the car rental market grew by 4.6% to reach COP225.2 billion. Business travel
dominated the market with more than 90% of all car rental transactions in 2012.
However, the leisure segment posted a growth of 5% compared to 2011.
Travel
intermediaries are expected to face competition from increasing online sales,
especially in the travel-only and accommodation-only categories. High-spending
travelers, who are traditionally underserved in the Colombian tourism market,
have been targeted. Such travelers are provided with experiences built around
niche interests, helping to increase in-store sales
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