The report provides detailed market analysis, information and insights, including:
Historic and forecast tourist volumes covering the entire Colombian travel and tourism sector
Detailed analysis of tourist spending patterns in Colombia
The total, direct and indirect tourism output generated by each category within the Colombian travel and tourism sector
Employment and salary trends for various categories in the Colombian 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
During the review period (2008−2012), tourist volumes in Colombia increased, driven by the country’s improved air connectivity and government initiatives to promote tourism. The country’s inbound tourist volumes expanded at a review-period compound annual growth rate (CAGR) of 8.49% and are expected to record growth over the forecast period (2013−2017) at a CAGR of 6.98%. However, the government’s expenditure on tourism is relatively low and accounted for only 5.3% of the nation’s total GDP in 2012, valuing US$0.02 trillion. In comparison, neighboring countries such as Brazil and Venezuela allocated US$176.81 trillion and US$10.23 trillion respectively.
This report provides an extensive analysis related to the tourism demands and flows in Colombia:
It details historical values for the Colombian tourism sector for 2008–2012, along with forecast figures for 2013–2017
It provides comprehensive analysis of the 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 Colombia
It provides employment and salary trends for various categories of the travel and tourism sector
It provides comprehensive analysis of 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 Buy
Take strategic business decisions using historic and forecast market data related to the Colombian travel and tourism sector
Understand the demand-side dynamics within the Colombian 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 Colombia
Based on Timetric’s current forecasts, Colombia’s GDP is expected to grow by 4.2% and 4.8% in 2013 and 2014 respectively, aided by a revival of private consumption and investment due to monetary stimuli by the Central Bank. Timetric expects the economy to expand at a CAGR of 5.1% over 2015−2017, led by robust domestic demand and enhanced exports due to economic recovery in the US, Colombia’s key trading partner.
The government is providing tax incentives to attract more domestic and foreign investments in the tourism sector over the next 30 years. Exemptions cover new, remodeled or expanded hotels constructed between 2003 and the end of 2017. This measure has prompted small, medium and large enterprises to begin constructing 4,000 new hotels, particularly in the area of ecotourism, by promising to provide a host of new and improved facilities.
According to the Ministry of Commerce, Industry and Tourism, domestic tourism rose by 20% in 2012. The strength of the industry is due to a significant reduction in air fares, an improvement in car travel safety, the upgrade of hotel services and infrastructure, and more focus on tourism promotion.
The Caño Cristales River is becoming more accessible to visitors. The site was closed to the public until 2009 due to the presence and activity of Colombia’s largest rebel group, the FARC, in the area. However, security improvements are making the site more accessible to inbound visitors.
Regional travel is expected to grow over the forecast period. In 2011, Colombia, Chile, Peru and Mexico signed a treaty to improve trade relations, a part of which also includes working together to promote travel. Through Proexport, the Colombian government is working on plans with Mexico, Chile and Peru to synergize regional travel to help promote outbound tourism.
In 2012, Colombian airline Avianca added 1,880 seats on flights to eight destinations across the US and South America. Avianca offers international seats to Miami, New York, Orlando, Punta Cana, Santo Domingo, Havana, Rio de Janeiro and La Paz. Avianca also launched a new non-stop flight on the Bogotá–Havana route. This link between Colombia and Cuba is operated by Airbus A319 aircraft with a passenger capacity of 120.
Colombia’s first Courtyard by Marriott Hotel is expected to open in Bogotá in April 2014. The hotel will have 146 rooms and will be located along Bogotá’s Avenida El Dorado, linking the airport and the city center. This will be the closest hotel to the newly expanded El Dorado International Airport.
In 2012, the car rental market grew by 4.6% to reach COP225.2 billion. Business travel dominated the market with more than 90% of all car rental transactions in 2012. However, the leisure segment posted a growth of 5% compared to 2011.
Travel intermediaries are expected to face competition from increasing online sales, especially in the travel-only and accommodation-only categories. High-spending travelers, who are traditionally underserved in the Colombian tourism market, have been targeted. Such travelers are provided with experiences built around niche interests, helping to increase in-store sales.
During the review period (2008−2012), tourist volumes in Colombia increased and were driven by the country’s improved air connectivity and government initiatives to promote tourism. The country’s inbound tourist volumes expanded at a review-period compound annual growth rate (CAGR) of X.XX% and are expected to record a growth over the forecast period (2013−2017) at a CAGR of X.XX%. However, the government’s expenditure on tourism is relatively low and accounted for only X.X% of the nation’s total GDP in 2012, valuing US$X.XX trillion. In comparison, neighboring countries such as Brazil and Venezuela allocated US$XXX.XX trillion and US$XX.XX trillion respectively. Domestic tourist volumes increased from XX.X million trips in 2008 to XX.X million trips in 2012, expanding at a review-period CAGR of X.XX%.
Inbound tourism recorded an increase during the review period, as the number of international arrivals rose from X.X million in 2008 to X.X million in 2012, expanding at a CAGR of X.XX%.
Outbound tourism is expected to rise at a forecast-period CAGR of X.XX%, increasing from X.X million outbound departures in 2012 to X.X million in 2017.
The aviation market increased during the review period. Passengers carried by domestic and international airlines reached XX.XX million in 2012, representative of a review-period CAGR of XX.XX%.