New Market Report: Travel and Tourism in Russia to 2019

From: Fast Market Research, Inc.
Published: Sun Sep 13 2015

The Tourism Development Program and the currency depreciation helped Russia to attract ample of domestic tourists. Furthermore, inbound trips also registered a growing trend from 2009-2014 due to the various events conducted by the Government such as Winter Olympic Games in 2014. However, following the country's dispute with other nations, the inbound arrivals are supposed to decline over the forecast period. Outbound tourism registered growth during the historic period, mainly driven by the rising annual disposable income of the Russians. However, due to the weakening of the Russian economy because of the EU sanctions, the outbound trips are expected to deteriorate over the years.

Key Findings

* The Travel and tourism sector in Russia is under the initial stages of development. Domestic trips increased from 28.2 million in 2009 to 41.5 million in 2014. With the help of government's initiatives such as Tourism Development Program adopted by Russia, the trips are expected to reach 57.9 million by 2019. Additionally, inbound tourism increased from 20.1 million in 2009 to 25.4 million in 2014. This was mainly driven by the country's initiative in organizing events such as Winter Olympic Games in 2014. However, following the Ukraine crisis, the inbound trips are expected to decline to 22.7 million by 2019 as Ukraine is the leading source of Russian inbound tourism.
* The Russian outbound tourism market registered significant growth during the historic period (2009-2014). However, the market is expected to decline over the forecast period (2015-2019) from 43.2 million to 35.2 million. The cross border dispute between Ukraine and Russia is expected to be the main reason behind this decline as the country is one of the leading outbound tourist destination for Russians.
* Following the EU sanctions imposed on Russia, in 2014, it announced to shut down its airspace for the Western Airlines. Considering the busy routes (flights between Europe and Asia) on this airspace, this cease would prove costly for the western airlines affecting the overall airline revenue and the cost of the tickets for the passengers.
* Despite the geopolitical situation in the country, Russian medical tourists travelling abroad for treatments increased by 47% in 2014. Almost 70,000 affluent Russians travelled abroad last year spending around RUB86.3 billion (US$1.4 billion) for medical purposes . Their enthusiasm to improve their well being and dissatisfaction with the quality of medical treatments provided in Russia is driving this trend. Furthermore, Moscow MedShow 2015 is being organized in September, which would give an opportunity to the international suppliers to interact directly to the Russian patients who are looking for medical treatment outside the country.

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