Published on 02/09/2016 by Punchmedia

More Visitors Continue Tourism Sector Growth

A lower Australian dollar and targeted marketing campaigns will boost international visitors growth to an average 6.2 per cent a year over the next three years, according to a new report. Deloitte Access Economics in its tourism and hotel market outlook released this week has upgraded its growth forecasts for visitors numbers after the tourism sector grew three times faster than the Australian economy in the year to June. International visitors numbers, including those from the fast-growing Chinese market, have surged 10 per cent in the past year, their fastest growth rate since the mid-1990s. In a promising sign for Australia's tourism sector, visitor spending has grown by 17.9 per cent, more than double the 7.9 per cent average of the past five years, while domestic tourism numbers have also hit record highs. Due to its geographic disadvantage, Australia is never likely to compete with bigger destinations, which makes tourist spend – which has been fuelled by wealthy Asian visitors – just as important for tourism operators. Chinese tourist growth has reached 22.2 per cent for the past year, overtaking established tourism markets such as North America and the UK. The declining Australian dollar has also boosted domestic tourism as Australians choose North Queensland, WA or northern NSW instead of Fiji, Bali or Phuket. The Deloitte report found trend growth of 9 per cent for domestic tourism – the fastest on record, with an additional 3 million trips to the domestic holiday market each year. It was the 20th consecutive quarter of growth. Outbound travel grew at 4.3 per cent, well below when the Australian dollar was on parity with the US currency. In the major hotel markets, Sydney continued to be the biggest winner with trend occupancy hitting record levels of 89 per cent. Occupancy rates in Brisbane (74 per cent) and Darwin (67 per cent) were weaker due to an increased supply of rooms. * With AFR

 

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Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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