Boston, MA -- (SBWIRE) -- 02/12/2014 -- The Hungarian travel and tourism sector suffered due to the financial crisis which engulfed the country in 2009. Although the sector recovered in 2010-2011, the country entered another recessionary phase in 2012. However, the government and tourism promotion agencies have made continuous efforts to increase tourism activity.

Key Highlights

- Hungary's tourism sector is driven by international arrivals, with inbound tourism expenditure standing at HUF1.2 trillion (US$5.2 billion) in 2012, compared with HUF868.2 billion (US$3.9 billion) from domestic travel.
- Health and wellness tourism holds an important place in the Hungarian tourism sector. Of the total international arrivals to Hungary in 2012, 13.2% visited for health reasons. According to the Tourism Ministry, six health resorts, Heviz, Hajduszoboszlo, Buk, Balatonfured, Zalakaros and Sarvar, were among the 10 leading tourism destinations in the country.
- The number of domestic trips declined from 18.1 million in 2008 to 14.8 million in 2009, due to the financial crisis. Domestic tourist volumes rebounded in the following two years, reaching 15.6 million in 2011, but as the country slipped into recession again in 2012, the number of domestic trips declined to 14.4 million.
- India has been recognized as a key emerging market by the Hungarian National Tourist Office (HNTO). A total of 10,568 Indian tourists visited Hungary in 2012, totaling 28,714 guest nights in the same year. The aim is to increase this number by 15% over the next two to three years by promoting Hungary's meetings, incentives, conferences and exhibitions (MICE), educational and leisure tourism offerings.
- Timetric estimates growth in outbound tourist volume over the forecast period at a CAGR of 1.55%, with the total reaching 4.4 million in 2017, which is below the pre-crisis level of 5.1 million outbound trips in 2008. Outbound tourism expenditure is also expected to rise from HUF656.5 billion (US$2.9 billion) in 2012 to HUF736.2 billion (US$3.3 billion) in 2017, at a forecast-period CAGR of 2.32%. The expected improvement in economic conditions will strengthen consumer confidence and support greater expenditure on travel and holidays, which will support the growth of outbound travel.
- Timetric expects growth in the capacity of the Hungarian airline industry over the forecast period, at a CAGR of 2.37%. The highest growth of 6.2% will be recorded in 2013 as the number of seats increased with the launch of Solyom Airways and various new routes. LCCs will dominate the market as Wizz Air and Ryan Air have launched several new routes to capture the void in supply created by the failure of Malev.

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Companies Mentioned in this Report: Ryanair Hungary, Wizz Air Hungary Ltd, Lufthansa Airlines Hungary, Farnair Hungary KFT, Air France Hungary, Four Seasons Hotels and Resorts Hungary, Accor Hotels Hungary, Danubius Hotel and Spa nyrt, Kempinski Hotel Budapest zrt, Hotel Palazzo Zichy, Fox Autorent Hungary, Europcar Hungary, Sixt Rent a Car Hungary, Ber-Elek KFT, Hertz Rent a Car Hungary, Multigo Touroperator Ltd, Best of Hungary Tours KFT, Fehervar Travel KFT, Budatours KFT, Privilege Tours KFT

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