Travel and Tourism in Russia to 2018 Industry Research Report Share

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The travel and tourism sector in Russia is still in the initial stages of development, especially for leisure purposes. Due to the high cost of tours in the country, many Russians prefer outbound trips over domestic tours. This is also a key reason behind the small size of the inbound tourism market with a total of 29.4 million trips in 2013. Both inbound and outbound tourism are largely dependent on neighboring countries such as Ukraine and Kazakhstan. As these countries are well connected to Russia through roads, land is the preferred mode of transport for tourists.

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Key Findings

The Ukrainian crisis had an adverse impact on the inbound and outbound tourism markets in Russia and this affect is expected to remain throughout the forecast period. Inbound trips are estimated to decline at a rate of -13.3% in 2014 while outbound trips will fall by -20.89%, from 54.1 million in 2013 to 42.8 in 2014. The decline in outbound trips is expected to encourage the growth of domestic tourism over the forecast period. Domestic trips are expected to increase from an estimated 37 million in 2014 to 55.1 million in 2018

Several tour operators, particularly those dependent on outbound tourism, went bankrupt in 2014 due to the depreciation of the Russian ruble against the US dollar. This increased their difficulties as they had to pay their foreign partners in foreign currency for hotel bookings and airline tickets. A total of 14 tour operators went bankrupt from mid-July to mid-September 2014 as the Ruble depreciated by 23.7% during the first 10 months of the year. Price wars, weak legal framework, a sudden drop in Russians traveling to Ukraine, and a fall in tourist volume to Russia from Ukraine also affected tour operators

The growth of the...