Travel and Tourism in Slovakia to 2017
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Travel and Tourism in Slovakia to 2017 Growth in the Aviation Market and Promotional Campaigns to Drive Tourism Report Code: TT0125MR Publication Date: December 2013 www.timetric.com John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0)20 7936 6400 Fax: +44 (0)20 7336 6813 Travel and Tourism in Slovakia to 2017 Page 1 © Timetric. This product is licensed and is not to be photocopied Published: December 2013 EXECUTIVE SUMMARY 1 EXECUTIVE SUMMARY During the review period (2008−2012), tourist volumes in Slovakia increased, driven primarily by government initiatives to promote tourism. The country’s inbound tourist volumes increased by X.X% in 2012 and are expected to record growth over the forecast period (2013−2017) at a compound annual growth rate (CAGR) of X.X%. However, government expenditure on tourism is relatively low, and accounted for only X.X% of the nation’s total GDP in 2012, valuing US$X.X billion. In comparison, neighboring countries such as Austria and France allocated US$X.X billion and US$X.X billion respectively. Domestic tourism volumes decreased from X.X million trips in 2008 to X.X million in 2012, at a review-period CAGR of X.X%. Over the forecast period, domestic tourist volumes are expected to increase at a CAGR of X.X% to reach X.X million trips in 2017. The number of international arrivals declined from X.X million in 2008 to X.X million in 2012, at a review-period CAGR of X.X%. Over the forecast period, inbound tourist arrivals are expected to reach X.X million in 2017, after recording a CAGR of X.X%. Outbound tourism is expected to rise at a CAGR of X.X% over the forecast period, increasing from X.X million outbound departures in 2012 to X.X million in 2017. Airline market revenues decreased during the review period. Passengers carried by domestic and international airlines reached X.X million in 2012, after decreasing at a review-period CAGR of X.X% due to the economic slowdown. Hotel revenue generated in Slovakia marginally decreased at a review-period CAGR of X.X%. Revenue is expected to increase at a forecast-period CAGR of X.X% to reach EURX.X billion (US$X.X billion) in 2017. Slovakia’s car rental market grew at a review-period CAGR of X.X%, reaching a value of EURX.X million (US$X.X million) in 2012. Slovakia’s travel intermediaries revenue is expected to increase at a forecast-period CAGR of X.X% to reach EURX.X billion (US$X.X billion) in 2017. Travel and Tourism in Slovakia to 2017 Page 2 © Timetric. This product is licensed and is not to be photocopied Published: December 2013 EXECUTIVE SUMMARY Figure 1: Slovakia – Tourism Expenditure (US$ Million), 2008–2017 Domestic Tourist Expenditure Inbound Tourist Expenditure Outbound Tourist Expenditure 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Timetric analysis © Timetric Figure 2: Slovakia – Key Ratios (%), 2008–2017 Airline - Load Factor Hotel - Room Occupancy Rate Car Rental - Utilization Rate 90% 80% 70% 60% 50% 40% 30% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Timetric analysis © Timetric Travel and Tourism in Slovakia to 2017 Page 3 © Timetric. This product is licensed and is not to be photocopied Published: December 2013 TABLE OF CONTENTS TABLE OF CONTENTS 1 Executive Summary ................................................................................................................................. 2 2 Market Overview .................................................................................................................................... 12 2.1 The Domestic Economy ............................................................................................................................................................... 12 2.2 Travel and Tourism Trends and Issues ........................................................................................................................................ 13 2.3 Tourism SWOT ............................................................................................................................................................................ 14 2.3.1 Strengths ............................................................................................................................................................................................... 15 2.3.2 Weaknesses .......................................................................................................................................................................................... 15 2.3.3 Opportunities ......................................................................................................................................................................................... 15 2.3.4 Threats .................................................................................................................................................................................................. 16 2.4 Country Fact Sheet ...................................................................................................................................................................... 17 2.5 Demographic Profile..................................................................................................................................................................... 18 3 Tourism Flows ....................................................................................................................................... 19 3.1 Domestic Tourism ........................................................................................................................................................................ 19 3.1.1 Performance outlook .............................................................................................................................................................................. 19 3.1.2 Key issues and trends ............................................................................................................................................................................ 19 3.2 Inbound Tourism .......................................................................................................................................................................... 20 3.2.1 Performance outlook .............................................................................................................................................................................. 20 3.2.2 Key issues and trends ............................................................................................................................................................................ 20 3.3 Outbound Tourism ....................................................................................................................................................................... 21 3.3.1 Performance outlook .............................................................................................................................................................................. 21 3.3.2 Key issues and trends ............................................................................................................................................................................ 21 3.4 Tourism Flows Forecast Highlights .............................................................................................................................................. 22 4 Airlines ................................................................................................................................................... 24 4.1 Performance Outlook ................................................................................................................................................................... 24 4.2 Key Issues and Trends ................................................................................................................................................................ 24 4.3 Airlines Forecast Highlights .......................................................................................................................................................... 25 5 Hotels ...................................................................................................................................................... 26 5.1 Performance Outlook ................................................................................................................................................................... 26 5.2 Key Issues and Trends ................................................................................................................................................................ 26 5.3 Hotels Forecast Highlights ........................................................................................................................................................... 27 6 Car Rental ............................................................................................................................................... 28 6.1 Performance Outlook ................................................................................................................................................................... 28 6.2 Key Issues and Trends ................................................................................................................................................................ 28 6.3 Car Rental Forecast Highlights ...................................................................................................................................................