Recent Study: Travel and Tourism in Turkey to 2018

From: Fast Market Research, Inc.
Published: Tue May 06 2014

The Turkish travel and tourism sector performed well during the review period (2009-2013), with growth recorded in both domestic and international tourist volumes. Timetric expects the growth to continue over the forecast period (2014-2018), driven by government initiatives to promote Turkish tourism offerings in key European source markets and emerging markets such as India, growth in business-related tourism, and an increase in air traffic.

Report Highlights

* The tourism sector relies heavily on spending by international arrivals; inbound tourism expenditure totaled TRY32.3 billion (US$17.1 billion) in 2013, compared to TRY22.4 billion (US$11.8 billion) from domestic travel in the same year. This is despite the domestic tourism volume being more than double international arrivals (69.2 million domestic trips against 32.8 million international arrivals) in 2013.
* Istanbul, the capital city, is a leading tourism hub. MasterCard's Global Destination Cities Index 2013 ranked the city the third-most-visited city in the world. The number of arrivals to Istanbul increased at a rate of 9.5% in 2012 to reach 10.37 million in 2013.
* Turkey is making continuous efforts to promote itself as a leading medical tourism destination. According to the Turkish Ministry of Health, the country received 270,000 medical tourists in 2012. The country's medical tourism offerings include dentistry, optometry, orthopedics, plastic surgery, spa and healthcare services. In February 2013, the Turkish parliament passed a regulation favoring private investment in the healthcare sector. The country is also planning to introduce tax-free healthcare zones to increase the number of medical tourists to the country and the foreign investment in Turkey's medical sector. The Ministry of Health expects medical tourists to rise from 270,000 in 2012 to 500,000 in 2015, and to 2.0 million by 2023.
* To attract more visitors from key European countries such as Germany, Russia and Ukraine, the Turkish Ministry of Culture and Tourism launched a promotional campaign in the key cities of the aforementioned countries in association with Turkish Hoteliers Federation (TUROFED) in 2013. As part of the campaign, tourism advertisements were seen on the covers of popular magazines in Germany for four months. In Russia and Ukraine, 150,000 magazines providing information on tourism in Turkey were distributed in Moscow, St. Petersburg and Kiev.
* Passenger traffic growth is expected to slow over the forecast period to a CAGR of 6.76%. The country's airlines are maintaining capacity discipline and are adopting a conservative approach to capacity increases to better match demand with supply. Increasing demand and capacity reductions in less profitable markets will enable the airlines to continue to improve yields and generate revenue. Total airline revenue is expected to increase at a forecast-period CAGR of 9.34%.

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