2013-09-04 19:23:50 - Recently published research from Timetric, "Travel and Tourism in Denmark to 2017", is now available at Fast Market Research
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.
* Outbound tourism expenditure increased from DKK56.7 billion (US$11.2 billion) in 2008 to DKK63.5 billion (US$10.9 million), at a review-period CAGR of 2.86%. In 2017, outbound expenditure is expected to record a forecast-period CAGR of 4.72%, to reach DKK79.9 billion (US$13.8 billion). Spending on accommodation accounted for 27.1% of the total expenditure in 2012, followed by foodservice and transportation with 16.5% and 15.9% respectively. Over the forecast period, the travel intermediaries category is expected to register the largest growth at a CAGR of 5.00%.
* 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.
* Denmark's car rental market decreased at a review-period CAGR of 0.15% to value DKK944.8 million (US$163.3 billion) in 2012. It is expected to reach DKK1.1 billion (US$186.8 million) in 2017, recording a forecast-period CAGR of 2.73%. An increase in international and domestic tourists, urbanization, the rising costs of owning and driving a car, and new government policies are curbing private car use and ownership, which is acting as a growth driver for the car rental market.
* Denmark's travel intermediaries market value is anticipated to increase at a forecast-period CAGR of 1.71% to reach DKK22.2 billion (US$3.8 billion) in 2017. This increase will be driven by a rise in discretionary spending, business travel and the tourist board's promotional efforts. The market share of online intermediaries is expected to increase in line with internet penetration rates. The online travel channel's share of the travel intermediaries industry is expected to increase from 45.2% in 2012 to 60.8% in 2017. Consequently, the in-store channel's market share is anticipated to decline from 54.8% in 2012 to 39.2% in 2017."
Full Report Details at
- www.fastmr.com/prod/673032_travel_and_tourism_in_denmark_to_2017 ..
This report provides an extensive analysis related to tourism demands and flows in Denmark:
* It details historic values for the Danish tourism sector for 2008-2012, along with forecast figures for 2013-2017
* It provides comprehensive analysis of travel and tourism demand factors with values for both the 2008-2012 review period and the 2013-2017 forecast period
* The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Denmark
* It provides employment and salary trends for various categories of the travel and tourism sector
* It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries with values for both the 2008-2012 review period and the 2013-2017 forecast period"
Reasons to Get this Report
* Take strategic business decisions using historic and forecast market data related to the Danish travel and tourism sector.
* Understand the demand-side dynamics within the Danish travel and tourism sector, along with key market trends and growth opportunities
* Identify the spending patterns of domestic, inbound and outbound tourists by individual categories
* Analyze key employment and compensation data related to the travel and tourism sector in Denmark"
Companies Mentioned in this Report: Cimber A/S, SAS Scandinavian Airlines Denmark A/S, Danish Air Transport A/S, Air Greenland A/S, Jet Time A/S, Copenhagen Marriott Hotel, Radisson Blu Hotels Denmark, Copenhagen Admiral Hotel, Arp-Hansen Hotel Group A/S, Choice Hotels Denmark A/S, Hertz Denmark, Europcar Denmark, Byens Billeje, Budget Rent a Car Denmark, Sixt Denmark A/S, Trans Nordic Tours, Atlantis Rejser A/S, Folkeferi, Bravo Tours A/S, Falk Lauritsen Rejser A/S
Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary. View more research from Timetric at www.fastmr.com/catalog/publishers.aspx?pubid=1037
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