Boston, MA -- (ReleaseWire) -- 02/28/2014 -- The Chile tourism report examines the strong long-term potential currently being offered by the local tourism industry, bolstered by continuing strong levels of government support, but cautions that growth in tourist arrivals may moderate slightly from 2014 onwards, as tourists to Latin America may choose to travel to Brazil instead, given that it is hosting the football World Cup in 2014 and then the Olympic Games in Rio de Janeiro in 2016.
The report also analyses the growth and risk management strategies being employed by some of the leading players in the Chilean accommodation sector, as they seek to maximise the tremendous growth opportunities being offered by the local market at the present time.
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Total tourist arrivals to Chile totalled 3.77mn in 2013, representing growth of 7.0% year-on-year (y-o-y). Although this represents a slowdown from the impressive growth of 15.0% in 2012, we consider 7.0% growth to be a positive sign, given growing competition from Brazil and increased economic weakness in Argentina, one of Chile's major tourism source markets. With the World Cup being held in Brazil in June this year, we will closely monitor data releases from Sernatur (the Chilean Ministry of Tourism) to assess whether tourists have chosen to visit Brazil instead of Chile, or whether Chile may experience a slight rise in visitors from tourists planning to travel around other countries in the southern cone during their stay for the World Cup.
Michelle Bachelet was elected as the new president of Chile in December 2013 and will take office in March 2014. She previously served as president between 2006 and 2010, and her second presidency is likely to mark a continuation of her pro-tourism plans. In her first presidency she was keen to promote Chile's tourist industry and she has already declared plans to boost Chile's infrastructure, which will add to the attractiveness of the tourism sector.
Over the last quarter, BMI has revised the following forecasts and views:
- BMI has extended its forecast period to 2018, adding new forecast data for all sectors.
- BMI is forecasting total arrivals growth of 7.0% in 2014, with steady growth from Latin America and North America contributing to the expansion of the tourist industry. We consider this level of growth to be particularly positive given that some potential tourists are likely to be attracted to Brazil instead this year.
- BMI anticipates considerable value in the air transport sector over the forecast period, with the number of air transport passengers carried forecast to rise to 18.49mn by 2018, up from 13.93mn in 2013.
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