New Consumer Goods market report from Business Monitor International: "Costa Rica Tourism Report Q1 2016"
[ClickPress, Mon Oct 26 2015] We expect positive arrivals growth of 2.4% in 2015, with strong arrivals from North America offsetting declining arrivals from Europe. However, we expect growth to moderate in the medium term, leading to lower levels of investment and development.
Costa Rica's tourism market is one of the most developed in Central America, benefiting from political and social stability and a well-developed coastal resort area that attracts a steady stream of visitors, particularly from North America and Europe. While the rest of the country is less well set-up for tourism, with a cohesive transport network being a particular lack, the government is supporting infrastructure projects that will provide long-term improvements for the tourism market. One concern is that the market is heavily dependent on arrivals from the US, and would be vulnerable to a sudden decline in US tourists. Nonetheless, we do not view this as a likely scenario, with Costa Rica well entrenched as a popular destination for US visitors.
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We expect tourist arrivals to grow steadily in 2015-2016, albeit below the 7%+ growth rates seen in the previous few years. We believe this indicates that the Costa Rica tourism market is entering a period of consolidation following several years of rapid expansion and investment. In support of this view, we note that hotel growth will be only 0.16% in 2015 and decline by 0.1% in 2016, reflecting the increased number of rooms that have been released into the market in recent years.
We expect growth to continue throughout the medium term, although dipping by 0.7% in 2019, when US tourism arrivals will decline. While this underlines the country's dependence on the US market, we view this as a temporary decline and see tourist arrivals from the US returning to growth post-2019. However, we expect slower arrivals growth over the medium term to translate into lower investment, with industry value growing by less than 2% each year to 2019, when it will reach CRC942.8mn.
The Costa Rica Tourism Report has been researched at source and features BMI Research's independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport, reason for travel, origin and destination; and the accommodation market.
BMI's Costa Rica Tourism Report provides industry professionals and strategists, corporate analysts, associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Costa Rican tourism industry.
* Benchmark BMI's independent tourism industry forecasts for Costa Rica to test other views - a key input for successful budgetary and planning in the Costa Rican tourism market.
* Target business opportunities and risks in the Costa Rican tourism sector
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