Travel and Tourism in Colombia to 2020

Published: June 2016
No. of Pages: 113
    ReportsandReports

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 50year 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.

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 (20162020) 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 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 tourismrelated 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

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

Reasons To Buy

  • Make strategic business decisions using historic and forecast market data related to Colombia's Travel and Tourism sector
  • Understand the demandside 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

Published By: GlobalData
Product Code: Canadean12202


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