2013-03-12 14:35:52 - Recently published research from Business Monitor International, "Hungary Tourism Report Q2 2013", is now available at Fast Market Research
This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.
BMI's Hungary tourism report looks at the possibility of growth in both the inbound and outbound tourism market, as well as the scope for increases in hotel accommodation and receipts from travel related expenditure. Hungary is particularly vulnerable to any changes in the Eurozone and as such much of its tourism related income over the forecast period is dependent on an improvement in the economic condition of its European neighbours.
Although travel to Hungary decreased in 2010, for the majority of the last five years arrivals have
been increasing steadily, and BMI expects this trend to continue between 2013 and 2017, with the strongest growth forecast for 2015 at over 4.5%. Outbound tourism fared less well in recent years, falling by over 16% in 2009, at the height of the recession. While a healthy return to growth of 6.9% was seen in 2012, from 2013 onwards we expect to see only minimal growth of between 1.6% and 2.7%, reflecting limitations in the Hungarian domestic economy.
Full Report Details at
By far the most popular attraction in Hungary is the capital city, Budapest, which has long been marketed as a short break destination, and indeed is one of the most popular tourist attractions in Europe. However the country does have more attractions further afield, including the historical town of Visegrad, several UNESCO World Heritage sites and the Mecsek Mountains.
Hungary does have a well developed tourism infrastructure in place. It has good rail links to the rest of Europe, as well as several airports served by both major carriers and low cost budget airlines. The road network is also well developed and a range of accommodations are available. However most visitors to Hungary are short term, typifying the country as a weekend break destination, and significant investment will be needed for Hungary to become a major competitor to other European vacation destinations.
The global economic downturn and continuing credit crunch will continue to impact on travel to Hungary, particularly as its major European markets including Germany suffer from restricted GDP growth and lower spend.
* Several hotel groups are planning on expanding their presence in Hungary, including Starwood, who named Hungary an important market for investment. BMI expects the overall number of hotels in Hungary to increase by 2017.
* Several infrastructure improvement plans are underway, including expansion of the rail network and the international airport in Budapest.
* After several unsettled years, BMI is forecasting an increase to both inbound and outbound travel as the economy in Hungary and in the rest of Europe stabilizes. This is dependent on the Eurozone not slipping back into a recession.
* This quarter BMI has given Hungary an overall Tourism Industry Risk/Reward rating of 67, the top ranking in the Central and Eastern Europe market.
* 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
- Business Environment
- Inbound Travel
- Table: Hungary Inbound Tourism, 2010-2017
- Table: Hungary Inbound Tourism, Top Ten Markets by Arrivals, 2010-2017
- Outbound Tourism
- Table: Hungary Outbound Tourism, 2010-2017
- Table: Hungary Outbound Tourism, Top Ten Destinations by Departure, 2010-2017
- Table: Hungary Receipts for Tourism and Travel, 2010-2017
- Table: Hungary Methods of Travel, 2010-2017
- Table: Hungary Hotels and Restaurants Industry Value, 2010-2017
- Table: Hungary Hotel Accommodation, 2010-2017
- Table: HUNGARY - ECONOMIC ACTIVITY
Industry Risk Reward Ratings
- Table: Central and Eastern Europe, Risk and Reward Ratings
Hungary Risks and Rewards
- Hungary Risk Reward Rating
- Table: Europe Security Risk Ratings
- Table: Hungary Key Infrastructure Projects
- Table: Top 10 Global Hotels Group Present in Hungary
- Accor-Pannonia Hotels
- Danubius Hotels Group
- Hilton Worldwide
- Malev Hungarian Airlines
Global Industry Overview
- Table: Global Tourism Indicators, International Tourist Arrivals, 2009-2017
- Table: global tourism indicators, hotel and establishment units, 2009-2017
- Table: Global Sporting Calendar, 2013-2022
- Table: Global Assumptions
- Table: Global & Regional Real GDP Growth, % chg y-o-y
- Table: Developed States - Real GDP Growth Forecasts, %
- Table: Emerging Markets - Real GDP Growth Forecasts, %
- Table: BMI VERSUS BLOOMBERG CONSENSUS REAL GDP GROWTH FORECASTS (%)
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