Travel and Tourism Industry 2016 Market Size, Share, Global Insights, Emerging Trends and Growth

Summary

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.

Browse Detail Report With TOC @ http://www.hexareports.com/report/travel-and-tourism-in-colombia-to-2020/details

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

- 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...