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Russian travel market tipped for inbound and outbound growth

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April 10, 2014

Russian travel market tipped for inbound and outbound growth

Hospitality News: Moscow- July 23: Moscow Kremlin on July 23, 2012 in Moscow, Russia. Cathedral Square or Sobornaya Square is the central square of the Moscow Kremlin (panorama). UNESCO World Heritage Site
Moscow- July 23: Moscow Kremlin on July 23, 2012 in Moscow, Russia. Cathedral Square or Sobornaya Square is the central square of the Moscow Kremlin (panorama). UNESCO World Heritage Site

Consumers in Russia regard spending on travel and holidays as a top priority, according to exclusive research unveiled at the WTM Vision Conference ? Moscow.

Forecasts by Euromonitor International reveal that holidays are the most popular sector for expenditure ? above categories such as cinema/theatre visits, new technology and clothing/footwear.
A third of Russians quizzed said they expect to spend more on travel/holidays, and half expect spending to remain the same, while fewer than 18% said they would spend less.

Only ?saving? ranked above spending on travel/holidays in the survey of Russian spending habits over the coming 12 months (carried out in October 2013).
Vitalij Vladykin, Senior Research Analyst at Euromonitor International, will present the research, showing how Russia?s outbound tourism continues to perform more strongly than inbound ? but both are predicted to grow between 2013 and 2018.
?New legislation regulating tour operators will boost consumer confidence and the outbound market,? he said.

However, it is hoped that the Winter Olympics in Sochi and the FIFA World Cup in 2018 will raise the country?s profile and boost inbound visitor numbers, helping to redress the balance.

However, Russia?s role in post-revolution Ukraine could cast a shadow over tourism.
Domestic tourism trips within Russia are forecast to grow strongly over the next five years, with Kostroma, Volgograd and Nizhni Novgorod regions showing the highest percentage growth rates.

Meanwhile, hotel chains are targeting business travellers by moving into second-tier cities such as Krasnodar, Primorye and Nizhni Novgorod.
A key area is the online market, said Vladykin, adding: ?Travel is one of the country?s e-commerce success stories and is poised to expand.?
Russia has the largest market in Europe in terms of internet users and mobile subscriptions, and mobile phone penetration increased to reach 98% of households in 2012.

Vladykin said: ?The proportion of the population using the internet expanded from 25% in 2007 to 53% in 2012.

?Russia?s urban areas are hotspots of demand for tablets and smartphones.?

His findings for the Russian market are mirrored in Euromonitor International?s global travel and tourism research.

This shows that global tourism remains vibrant, with record arrival numbers in 2013, and online bookings and mobile payments are becoming increasingly common.

Euromonitor International?s global research also shows that spending on travel is a top-three priority for consumers, and emerging markets remain the focus for growth among many international hotel groups.

Vladykin will also discuss trends affecting social media, the sharing economy, luxury travel and technological developments such as holograms and Google Glass.
Following his presentation are other expert speakers debating trends within the Russian market.

Valentin Dombrowski, Vice President for Innovations at Excursiopedia.com, will explore the development of online travel, and Alexander Lobanov, Chief Executive of the Booking Center TBG, is investigating what hinders the development of online booking of tour packages.

Click here to read more.

Source: Russian travel market tipped for inbound and outbound growth, Travel & Tour World http://www.bloomberg.com/apps/news?pid=20601087&sid=aSSgPmHvUslU published Apr 09, 2014. Viewed Apr 10, 2014.

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