2013-12-14 09:13:55 - New Consumer Goods market report from Business Monitor International: "Hungary Tourism Report Q1 2014"
BMI's Hungary tourism report looks at the substantial long term growth expected across all key market indicators in this vibrant Central and Eastern European country. Inbound travel is expected to increase throughout our forecast period, with even stronger growth expected in outbound travel all factors point towards a very positive investment environment.
Hungary is a well established tourist destination, with the capital city Budapest one of the most enduringly popular destinations in the world, certainly the most popular in Central and Eastern Europe Although inbound travel was affected by the global economic crisis, signs are now all pointing not just towards recovery but growth, particularly from key markets such as Germany.
Full Report Details at
As well as higher rates
of inbound travel, a more positive domestic economy will provide a boost to outbound travel, with Hungary expected to return to GDP growth in 2013. The improved GDP, lower unemployment and increased private financial consumption are all leading to growth as high as 8% a year in the number of tourists from Hungary. This growth in outbound, and indeed inbound travel is, of course, dependent on the economies of countries within the eurozone continuing to show signs of improvement.
A key concern for Hungary is the expansion of tourist attractions outside Budapest, which has long been marketed as a short-break destination. Budapest is one of the most popular tourist attractions in Europe, with millions of visitors every year. However the country does have more attractions, including the historical town of Visegrad, several UNESCO World Heritage sites and the Mecsek Mountains, and the government is keen to extend the benefits of tourism spending to these regions through a range of investments and marketing programmes.
The development of domestic transport infrastructure is vital to the expansion of the tourism market, with a particular emphasis of extending the rail network to key areas like Lake Balaton. International rail connections are well developed with good links to the rest of Europe, which is vital as Hungary's key source markets are centred around its immediate neighbours. Hungary also has several airports served both by major carriers and by low-cost budget airlines providing wider ranging connections. The road network is also well developed and a range of accommodations are available, so Hungary is well placed to extend tourism outside of Budapest.
* Thanks to a positive domestic economy and long-term growth in inbound travel we expect the number of hotels in Hungary to increase steadily throughout the forecast period to 2017. Groups such as Starwood are planning to expand in the market.
* Infrastructure investment continues, and the international airport at Budapest is subject to improvement works, with several infrastructure improvement projects including expansion of the country's rail network also underway.
* As the eurozone economy recovers we expect increases in both inbound and outbound travel, reaching 12.5mn and 7.1mn respectively by 2017.
* BMI has given Hungary an overall Tourism Industry Risk/Reward rating of 59.30 out of 100, giving it the top ranking out of 25 countries in Central and Eastern Europe.
* Key events in 2013 include a range of cultural festivals in the capital Budapest and throughout the country such as the Farsangi Karneval and the world famous Sziget Festival.
Report Table of Contents:
BMI Industry View
- Political SWOT
- Economic SWOT
- Business Environment SWOT
- Inbound Travel
- Table: Hungary's Inbound Tourism, 2010-2017 ('000)
- Table: Hungary's Inbound Tourism, Top 10 Markets by Arrivals, 2010-2017 ('000)
- Outbound Tourism
- Table: Hungary's Outbound Tourism, 2010-2017 ('000, unless otherwise stated)
- Table: Hungary's Outbound Tourism, Top 10 Destinations By Departure, 2010-2017
- Table: Hungary's Receipts For Tourism And Travel, 2010-2017
- Table: Hungary's Methods Of Travel, 2010-2017
- Table: Hungary's Hotels And Restaurants Industry Value, 2010-2017
- Table: Hungary's Hotel Accommodation, 2010-2017
Industry Risk Reward Ratings
- Industry Risk/Reward Ratings
- Table: Central And Eastern Europe Tourism Risk/Reward Ratings, Q114
- Hungary's Risk/Reward Ratings
- Hungary's Security Ratings
- Table: Europe Security Risk Ratings
- Table: Global Top 10 Hotel Chains
- Danubius Hotels Group
Global Industry Overview
- Table: Global Overnight Stays And Average Length Of Stay, 2010-2017
- Table: Hotel Indicators, 2010-2017
- Table: Global Assumptions, 2012-2018
- Table: Global And Regional Real GDP Growth, 2012-2015 (% change y-o-y)
- Developed States
- Table: Developed States, Real GDP Growth Forecasts, 2012-2015
- Emerging Markets
- Table: Emerging Markets, Real GDP Growth Forecasts, 2012-2015
- Table: BMI Versus Bloomberg Consensus Real GDP Growth Forecasts, 2013 And 2014 (%)
- Table: Hungary's Population By Age Group, 1990-2020 ('000)
- Table: Hungary's Population By Age Group, 1990-2020 (% of total)
- Table: Hungary's Key Population Ratios, 1990-2020
- Table: Hungary's Rural And Urban Population, 1990-2020
- Industry Forecast Methodology
- Risk/Reward Ratings Methodology
- Table: Weighting Of Indicators
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