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Russia Tourism Report Q2 2010Published by: Business Monitor International Published: Feb. 22, 2010 - 63 Pages Table of Contents
AbstractTourism OverviewFollowing weak growth in the number of foreign visitor arrivals to Russia between 2006 and 2008, therewas a marked deterioration in the number of arrivals in 2009. Latest figures from national data sources forthe first nine months of 2009 show visitors declined by 11% year-on-year (y-o-y), with significantnegative y-o-y growth in arrivals from major source countries outside the former Soviet Union such asChina, Germany, Poland, the US, the UK and Italy. Considerable rates of decline were recorded for thenumber of visitors from Poland (-48% y-o-y), Italy (-16% y-o-y) and the UK (-13% y-o-y). More recentdata released by Moscow’s tourism committee show that foreign visitors to the city totalled 3.7mn in2009, a decrease of 9.7% y-o-y. On the positive side, tourism numbers to the capital showed an improvingtrend at the year’s end. Train Terrorist Attack Russia suffered another major terrorist attack at the end of 2009. In November, a bomb derailed theNevsky Express train, popular with tourists, travelling from Moscow to St Petersburg, killing 27 andinjuring nearly 100 people. A North Caucasus Islamist group claimed responsibility. This also boresimilarities to an attack in 2007 on the same line which injured 30 people. Forecast Scenario Taking into account official data on arrivals in the first three quarters of 2009, BMI forecasts a decline inforeign tourists of 10% y-o-y for the year as a whole. In line with our forecast of broad economicrecovery in key source markets in 2010, we expect a slight pick up in arrivals in 2010 of 1% y-o-y.However, after marked weakness of the Russian rouble against the US dollar and the euro in 2009, weforecast relatively strong appreciation of the rouble against both currencies over the extended forecastperiod. The anticipated appreciation of the rouble is likely to be an important factor working againstrecovery in foreign tourism over the next few years. As a result, growth in arrivals over the forecastperiod through to 2014 is expected to be subdued. Aeroflot The Russian government is plans to purchase a 25.8% stake in the national airline Aeroflot from businesstycoon Alexander Lebedev. The government already owns 51% of the airline’s stock. In February 2010,the government said it will privatise six airlines run by Rosavia (which was set up to absorb regionalcarriers struggling with the global financial crisis) in order to merge them with Aeroflot this year. Transaero Russian airline Transaero reported operating income of RUB37.4bn (US$1.5bn) for FY08, an increaseof 82% y-o-y. Net profit totalled RUB109mn (US$4.4mn), against a profit of almost RUB102mn inFY07. Transaero has recorded a net profit every year since 2002. Rezidor Hotel Group Towards the end of 2009, Rezidor Hotel Group announced the development of another property inRussia, a hotel in Yaroslavl, scheduled to open in 2013. The development arises from its strategicagreement with the Russian company Regional Hotel Chain (RHC) to introduce Park Inn hotelsthroughout the country. A Park Inn property in Lipetsk, eastern Russia, is under construction and isexpected to open in 2012. Get Full Details About This Report >> |
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