Travel and Tourism in Denmark to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 10:37:01
Following a period of contraction in 2009 due to the financial crisis, the performance of the Danish travel and tourism sector strengthened. The country recorded an increase in the volume of both domestic and international visitors, and consequently a rise in tourist expenditure.
Promotional activities by the Danish Tourism Board (DTB), coupled with relatively stable economic conditions, were considered the key growth drivers. Tourism has a significant role to play in the Danish economy in terms of its contributions to GDP and employment. According to the World Travel and Tourism Council (WTTC), in 2012, tourism accounted for 6.5% of the nation´s GDP and 7.6% of its total employment.
Domestic tourist volumes declined slightly from 24.9 million trips in 2008 to 24.2 million in 2012. However, it is expected that domestic tourist volumes will expand over the forecast period at a CAGR of 0.87%, to reach 25.3 million by 2017. Domestic demand will be driven by economic growth, a decrease in unemployment, and government initiatives to promote tourism.
Inbound expenditure increased across all categories during the review period, with the retail category registering the largest growth at a CAGR of 2.21%. Transportation accounted for the largest proportion of total inbound tourist expenditure in 2012 with a share of 32.1%. Over the forecast period, the travel intermediaries category is expected to record the highest CAGR of 3.68%, followed by entertainment and sightseeing with 3.32%, and accommodation with 3.31%. Total inbound expenditure is expected to increase from DKK31.2 billion (US$5.4 billion) in 2012 to DKK36.4 billion (US$6.3 billion) by 2017.
Denmark´s air traffic volume, both domestically and internationally, increased during the review period. The volume of passengers carried by Danish and foreign airlines reached 26.5 million in 2012, representative of a review-period CAGR of 1.87%. The number of passengers carried is expected to increase at a forecast-period CAGR of 3.63%, to reach 31.7 million in 2017. Total revenue is anticipated to increase from DNK22.2 billion (US$3.8 billion) in 2012 to DNK26.7 billion (US$4.6 billion) in 2017. This growth will be supported by increasing tourist volumes and air capacity.
Taxation makes accommodation expensive. Guests have to pay VAT of 25% when staying in hotels, which is high compared to the average tax rate in the Scandinavian hotel market. In Norway and Sweden, the VAT rates are 8% and 12% respectively.
Click for report details: www.companiesandmarkets.com/Market/Travel/Market-Research/Travel ..
Browse all Travel Market Research Reports www.companiesandmarkets.com/Market/Travel/Market-Research?aCode= ..
Browse all Travel Company Profile Reports www.companiesandmarkets.com/Market/Travel/Company-Profile?aCode= ..
Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.comâs online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.