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Strong gains in international tourism will help Australia continue to move towards attaining the lower bound of its Tourism 2020 growth target (USD 115 billion per year) for overnight visitor expenditure by the end of the decade, according to Tourism Research Australia’s (TRA) Tourism Forecasts 2016, released recently.
However, more work will need to be done if Australia is to reach the upper bound of its tourism industry potential (USD 140 billion per year) by 2020.
With international visitors set to increase their share of spend from 31% of total spend in 2014–15 to 41% in 2024–25, and domestic overnight visitor spend continuing to grow, but at a moderate pace, total overnight expenditure is forecast to reach USD 127 billion in nominal terms by 2019–20.
According to the forecasts, the largest inbound source market is set to change, with strong visitor growth seeing China overtake New Zealand in 2017–18 – two years earlier than previously forecast. China is expected to contribute 43% of the total growth in visitor numbers from 2014–15 to 2024–25 and 60% of growth in expenditure.
Other markets expected to experience solid growth over the next few years are Indonesia, Malaysia, Hong Kong, Japan and South Korea, along with traditional markets of New Zealand and the USA. Sporting events scheduled in 2017–18 will also see an increase in arrivals from the UK, Australia’s third-largest inbound market.
Strong growth in holiday travel, largely due to the lower value of the Australian dollar is forecast to drive growth in domestic tourism in 2016–17 and 2017–18, with many Australians continuing to choose to holiday at home rather than travel abroad.
Source: travelnewsdigest.in