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New Market Study, "Travel and Tourism in Chile to 2017", Has Been Published

New Consumer Goods market report from Timetric: "Travel and Tourism in Chile to 2017"

 

Boston, MA -- (ReleaseWire) -- 01/21/2014 -- Inbound and domestic tourist volumes in Chile increased during the review period (2008-2012) at respective compound annual growth rates (CAGRs) of 2.73% and 7.16%, despite the slowdown in 2009. Growth is expected to continue over the forecast period (2013-2017), supported by the government's promotional efforts, improving air connectivity and improving economic conditions.

Key Highlights

- A US$31 million loan aimed at improving the Chilean tourism sector's competitiveness was approved by the Inter-American Development Bankin January 2010. The program's focus areas include three regions: Norte Grande, the south, and the Patagonia/Tierra del Fuego region. Infrastructure improvements contained in the development program include highway improvements, the implementation of interpretive and scenic trails, visitor centers, shelters, campgrounds and marinas, as well as infrastructure and equipment for trekking, horse riding and cycling. The bank expects average tourist stays in Chile to increase from 0.56 days in 2010 to 3.66 days in 2021. Average daily spending is also expected to rise from US$53 in 2010 to US$190 by 2021.
- Chile is a popular wine tourism destination. According to the Colchagua Valley Wineries Association, which has 12 members, the number of visitors to the valley in 2012 reached 150,000; this was expected to increase by 10% in 2013 as projected by the association in May 2013. An average expenditure of US$250 by Chilean tourists and US$300 by foreign tourists was recorded in 2012. Growth in the region, which was badly affected by the February 2010 earthquake, has been fuelled by the collective efforts of the Colchagua Valley Wine Route, the Colchagua Valley Wineries Association, and the regional office of the National Tourism Service.
- Domestic tourism plays an important role in the country's tourism sector, accounting for a higher share of total tourism arrivals and expenditure than inbound tourism. Recognizing its strength, the Chilean government has launched several promotions and campaigns in order to promote domestic tourism. SERNATUR's tourism campaign, "Chile es Tuyo" ("Chile is Yours"), is designed to further increase domestic travel in the country, an area whose rapid growth is evidenced by the fact that domestic tourist flows increased by 19.2% in 2011. Costa Maulina was the most popular regional destination for domestic tourists, with the region reporting an average room occupancy rate of 80% during this period.
- The casino industry in Chile is emerging and provides the country with a major boost to inbound tourism, especially from key source countries in the Americas. In 2011, there were around 18 government-authorized casinos operating in Chile with an obligation to pay a 20% special tax on gross income. Antofagasta, San Antonio, Santa Cruz, Talcahuano, Valdivia, Osorno, and Punta Arenas are popular casino areas. In 2012, two new casinos opened in Coyhaique and Castro.

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Companies Mentioned in this Report: LATAM Airlines Group SA, Aerovias Dap, Aerocardal, PAL Airlines, Sky Airline SA, The Ritz-Carlton, Chile, Grand Hyatt Santiago, W Hotels Chile, InterContinental Hotels Chile, Radisson Hotels Chile, Fantastic 4 Travel SRL, Cascada Expediciones, Amity Tours Chile, Protours Chile, VisitChile.com, Budget Rent a Car Chile, Europcar Chile, Hertz Car Rental Chile, Avis Rent a Car Chile, National Car Rental Chile

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