Travel and Tourism in Norway to 2019
Travel and Tourism in Norway to 2019 provides detailed information on the Norwegian tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, tourist expenditure, and the airline, hotel, car rental, and travel intermediaries industries.
The report brings together Canadean’s research, modeling, and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics and discover which segments will see growth in the coming years.
The Norwegian economy has been volatile in the recent years, adversely affecting the tourism sector. This has resulted in lesser bookings made in advance and difficult to predict future trends. Domestic trips totaled 15.5 million in 2014 while spending stood at NOK35.8 billion (US$5.9 billion). Maximum part of the domestic spending was made on transportation with share of 22.4% at NOK8 billion (US$1.3 billion) in 2014. The domestic trips are likely to reach 17.6 million by 2019, increasing at a CAGR of 2.68% over the forecast period.
International arrivals reached 5.9 million in 2014, increasing at a CAGR of 6.33% during the historic period. Norwegian Krone depreciated by -4% against the Euro in 2013 and -6.6% in 2014. It contributed to the growth of inbound tourism as it was cheaper for tourists coming to Norway. However, the weaker Krone negatively impacted outbound tourism. International arrivals are likely to reach 6.9 million by 2019, growing at a CAGR of 3.16% over the forecast period. Outbound trips reached 9.2 million in 2014 and are likely to grow at a modest growth rate during the forecast period, reaching 10 million by 2019.
Norwegian Air Shuttle had experienced losses in 2014. This was for the first time after consistently making profits for seven years. The losses can be attributed to expansion in capacity, operating long distance flights, delays to deliveries in Boeing 787 and a very competitive market place.
The US and EU (European Union) have imposed sanctions against Russia, following Russia's annexation of Crimea, a region which is internationally recognized as part of Ukraine, in March 2014. These sanctions negatively impacted the Russian economy, resulting in decreased outbound tourism. Arrivals from Russia to Norway declined by 4% in 2014.
The report provides detailed market analysis, information, and insights, including:
Historic and forecast tourist volumes covering the entire Norwegian Travel and Tourism sector
Detailed analysis of tourist spending patterns in Norway for various categories in the Travel and Tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries, and others
Detailed market classification across each category, with analysis using similar metrics
Detailed analysis of the airline, hotel, car rental, and travel intermediaries industries
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