Colombia Travel and Tourism Industry Market Analysis and Forecast to 2020
Due to weak local currency, more Colombians are expected to opt for domestic trips over outbound travel in 2016. The weak peso will also continue to support the growth of inbound tourism. International arrivals grew by 16.3% in 2015. Furthermore, a ceasefire agreement to put an end to the 50-year conflict between the government and FARC rebels has been signed in June 2016. This is expected to have a significant positive impact on international arrivals.
Key Findings
The Colombian travel and tourism sector continued its strong growth track in 2015. Inbound tourism has registered impressive growth over the last few years: 8.2% in 2013, 7.4% in 2014, and 16.3% in 2015, driven by Colombia’s improved safety. The growth can also be attributed to the weak Colombian currency in 2015. International arrivals totaled 2.3 million in 2015 and are projected to grow at a CAGR of 6.7% over the forecast period (2016–2020) to reach 3.2 million by 2020. However, the depreciating currency adversely impacted international departures. Outbound trips fell by -1.3% in 2015 and expenditure declined by -0.6%. Over the forecast period, domestic trips are projected to grow at an average annual rate of 5.7%, to reach 32.6 million by 2020. Outbound trips are expected to reach 5.1 million by 2020
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The Colombian Government intends to exempt foreign tourists from the 16% sales tax (VAT) on tourism-related services. In February 2016, President Juan Manuel Santos announced at the tourist fair, Anato, that “Already the decree is prepared which exempts from VAT those who visit us from the outside and those who buy tour packages associated with health tourism, tourism events, or related to cultural activities”. Santo added “it is good news for travel agents to sell more and at a better price”. This new tax policy is now effective
Congestion at the county’s largest airport — El Dorado airport — at Bogota is the major challenge for Colombia in supporting air traffic growth in the coming years. El Dorado was originally designed to handle 15 to 17 million passengers a year but it had to handle 30 million passengers in 2015. There have been efforts (new terminals opened in 2012 and 2014) to ease congestion by expanding capacity. Furthermore, there are plans to construct another airport “El Dorado II” by 2021 with an investment of US$375 million
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Table of Contents
Executive Summary
Introduction
Travel and Tourism Sector in Context
Domestic Tourism
Market summary and key developments in Colombian domestic tourism market
Historical and projected figures for domestic trips and domestic expenditure in Colombia
Domestic trips–trips by purpose of visit and by season, average length of trip and overnight stays
Inbound Tourism
Market summary and key developments in Colombian inbound tourism market
Historical and projected figures for inbound trips and inbound expenditure in Colombia
Tourist arrivals from top 10 countries to Colombia
Inbound trips–trips by purpose of visit and mode of transport
Inbound trips–average length of trip and overnight stays
Outbound Tourism
Market summary and key developments in Colombian outbound tourism market
Historical and projected figures for outbound trips and outbound expenditure in Colombia
Tourist departures to top 10 countries from Colombia
Outbound trips–trips by purpose of visit and mode of transport
Outbound trips–average length of trip and overnight stays
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