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Travel and Tourism in Cyprus to 2018

  • March 2014
  • -
  • Timetric
  • -
  • 114 pages

Synopsis

The report provides detailed market analysis, information and insights, including:
• Historic and forecast tourist volumes covering the entire Cypriot travel and tourism sector
• Detailed analysis of tourist spending patterns in Cyprus for various categories in the travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others
• Detailed market classification across each category, with analysis using similar metrics
• Detailed analysis of the airline, hotel, car rental and travel intermediaries industries

Summary

The Cypriot travel and tourism sector was adversely affected by the eurozone crisis in 2009. Despite recovery in 2010–2011, the financial crisis in the country in 2012–2013 led to a further fall in the sector in 2013. Initiatives by the Cyprus Tourism Organization (CTO) to promote domestic and international tourism, and government plans for the development of tourism infrastructure facilities and increasing foreign investments are expected to attract more tourists over the forecast period.

Scope

This report provides an extensive analysis related to the tourism demands and flows in Cyprus:
• It details historical values for the Cypriot tourism sector for 2009–2013, along with forecast figures for 2014–2018
• It provides comprehensive analysis of travel and tourism demand factors, with values for both the 2009–2013 review period and the 2014–2018 forecast period
• The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Cyprus.
• It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries, with values for both the 2009–2013 review period and the 2014–2018 forecast period

Reasons To Buy

• Take strategic business decisions using historic and forecast market data related to the Cypriot travel and tourism sector.
• Understand the demand-side dynamics within the Cypriot travel and tourism sector, along with key market trends and growth opportunities.

Key Highlights

In October 2013, the CTO entered the Indian market by conducting roadshows in Mumbai and Delhi. The organization showcased its tourism products for corporate meetings, and leisure and incentive travel to attract Indian tourists. It also hosted an event in Dubai in April 2013 to target the business market in the Middle East.

Tourist arrivals from traditional source markets, such as the UK and Germany, declined with 13% and 36% respectively from January to August 2013. However, tourists from Russia, Ukraine and Israel grew by 25%, 85% and 22% respectively. The CTO forecast that Russian tourists to Cyprus in 2013 would reach 600,000. The Russian market has become the second-largest source market, after the UK with approximately 50% of total inbound tourists accounting for 900,000 arrivals. Russian tourists to the country are expected to reach 800,000 in 2014, a 25% increase over 2013. Ukraine tourists reached 35,000 in 2013 and are expected to reach 100,000 by 2016. Kazakhstan is also an emerging market, with around 10,000 tourists expected in 2014.

In December 2013, Hungarian airline Wizz Air announced two new routes from Larnaca to Belgrade, Kiev and Donetsk from April 2014, which is expected to contribute 250,000 passengers to Cyprus. Qatar Airways is also continuing its expansion plan for 2014, with the announcement of new flights from Larnaca to Doha, commencing April 2014. A new agreement was also made to expand air routes offered by the Norwegian Air to Cyprus by the end of 2014.

In July 2013, the Cypriot government unveiled its plan to grant one license for an integrated casino resort in the country, at an investment of around EUR600.0 million (US$791.5 million). It will be targeted at tourists from Russia and the Middle East. Cyprus Hotel Association (CHA) welcomed the decision, as it will strengthen the country’s attractiveness as a tourism destination, thereby encouraging more tourist arrivals.

The new road tax charge for vehicles registered from 2014 will depend on CO2 emissions. However, the House Finance Committee is planning to lower the cost by making changes to the road tax bill. Car rental companies have expressed their concern that the increased costs would result in a 200% rise in daily rates paid by consumers.

According to Lastminute.com, bookings to Cyprus made through its website fell by 75% in March 2013, compared with March 2012, due to fears among travelers that they would not have access to cash in the country since the country was in a crisis during 2012. Tour operators are currently focusing on encouraging UK tourists to visit the country, and hotels are reducing their prices to fill rooms.

Table Of Contents

Travel and Tourism in Cyprus to 2018
Table of Contents
1 Executive Summary
1.1.1 Russia Will Become the Biggest Source Market
1.1.2 Development of a Casino Will Boost Tourism Revenues
2 Travel and Tourism Sector In Context
3 Country Fact Sheet
4 Tourism Flows
4.1.1 Domestic tourism
4.1.2 Inbound tourism
4.1.3 Outbound tourism
4.2.1 Promotion of new tourist attractions
4.2.2 Russia to become the second-largest source market
4.2.3 ‘Short Escapes, Great Discoveries' campaign to promote domestic tourism
4.3.1 Domestic tourism
4.3.2 Inbound tourism
4.3.3 Outbound tourism
5 Airlines
5.2.1 Introduction of new air routes
5.2.2 New destination programs by airlines
6 Hotels
6.2.1 New collective agreement freezes employee wages
6.2.2 License granted for an integrated casino resort
6.2.3 ‘Summer is Cyprus' campaign organized by hotels
7 Car Rental
7.2.1 New road tax for vehicles based on CO2 emissions
8 Travel Intermediaries
8.2.1 Hotels are cutting prices to fill rooms
8.2.2 Tour operators are focusing on the winter season
9 Tourism Board Profile
10 Airport Profiles
10.1.1 Overview
10.1.2 Operator profile
10.1.3 Routes
11 Company Profiles - Airlines
11.1.1 Cyprus Airways - company overview
11.1.2 Cyprus Airways - business description
11.1.3 Cyprus Airways - main services and brands
11.1.4 Cyprus Airways - history
11.1.5 Cyprus Airways - SWOT analysis
11.1.6 Cyprus Airways - strengths
11.1.7 Cyprus Airways - weaknesses
11.1.8 Cyprus Airways - opportunities
11.1.9 Cyprus Airways - threats
11.1.10 Cyprus Airways - key employees
11.2.1 Ryanair Holdings plc - company overview
11.2.2 Ryanair Holdings plc - business description
11.2.3 Ryanair Holdings plc - main services
11.2.4 Ryanair Holdings plc - history
11.2.5 Ryanair Holdings plc - SWOT analysis
11.2.6 Ryanair Holdings plc - strengths
11.2.7 Ryanair Holdings plc - weaknesses
11.2.8 Ryanair Holdings plc - opportunities
11.2.9 Ryanair Holdings plc - threats
11.2.10 Ryanair Holdings plc - key employees
12 Company Profiles - Hotels
12.1.1 A. Tsokkos Hotels Public Ltd - company overview
12.1.2 A. Tsokkos Hotels Public Ltd - business description
12.1.3 A. Tsokkos Hotels Public Ltd - main services
12.1.4 A. Tsokkos Hotels Public Ltd - history
12.1.5 A. Tsokkos Hotels Public Ltd - SWOT analysis
12.1.6 A. Tsokkos Hotels Public Ltd - strengths
12.1.7 A. Tsokkos Hotels Public Ltd - weaknesses
12.1.8 A. Tsokkos Hotels Public Ltd - opportunities
12.1.9 A. Tsokkos Hotels Public Ltd - threats
12.1.10 A. Tsokkos Hotels Public Ltd - key employees
12.2.1 Atlantic Hotels and Resorts Cyprus - company overview
12.2.2 Atlantic Hotels and Resorts Cyprus - main services
12.2.3 Atlantic Hotels and Resorts Cyprus - key employees
12.3.1 Louis Hotels Cyprus - company overview
12.3.2 Louis Hotels Cyprus - main services
12.3.3 Louis Hotels Cyprus - key employees
12.4.1 Aqua Sol Hotels Public Company Ltd - company overview
12.4.2 Aqua Sol Hotels Public Company Ltd - main services
12.5.1 D.H. Cyprotels Plc - company overview
12.5.2 D.H. Cyprotels Plc - business description
12.5.3 D.H. Cyprotels Plc - main services and brands
12.5.4 D.H. Cyprotels Plc - history
12.5.5 D.H. Cyprotels Plc - SWOT analysis
12.5.6 D.H. Cyprotels Plc - strengths
12.5.7 D.H. Cyprotels Plc - weaknesses
12.5.8 D.H. Cyprotels Plc - opportunities
12.5.9 D.H. Cyprotels Plc - threats
12.5.10 D.H. Cyprotels Plc - key employees
13 Company Profiles - Car Rental
13.1.1 AVIS Rent a Car Cyprus - company overview
13.1.2 AVIS Rent a Car Cyprus - main services
13.2.1 Hertz Cyprus - company overview
13.2.2 Hertz Cyprus - main services
13.2.3 Hertz Cyprus - key employee
13.3.1 Budget Rent-a-Car Cyprus - company overview
13.3.2 Budget Rent-a-Car Cyprus - main services
13.4.1 Europcar Cyprus ASG Ltd - company overview
13.4.2 Europcar Cyprus ASG Ltd - main services
13.4.3 Europcar Cyprus ASG Ltd - key employee
13.5.1 Sixt Rent a Car Cyprus - company overview
13.5.2 Sixt Rent a Car Cyprus - main services
13.5.3 Sixt Rent a Car Cyprus - key employee
14 Company Profiles - Travel Intermediaries
14.1.1 Top Kinisis Travel Public Ltd - company overview
14.1.2 Top Kinisis Travel Public Ltd - business description
14.1.3 Top Kinisis Travel Public Ltd - main services
14.1.4 Top Kinisis Travel Public Ltd - history
14.1.5 Top Kinisis Travel Public Ltd - SWOT analysis
14.1.6 Top Kinisis Travel Public Ltd - strengths
14.1.7 Top Kinisis Travel Public Ltd - weaknesses
14.1.8 Top Kinisis Travel Public Ltd - opportunities
14.1.9 Top Kinisis Travel Public Ltd - threats
14.1.10 Top Kinisis Travel Public Ltd - key competitors
14.1.11 Top Kinisis Travel Public Ltd - key employees
14.2.1 Aeolos Travel - company overview
14.2.2 Aeolos Travel - main services
14.2.3 Aeolos Travel - key competitors
14.2.4 Aeolos Travel - key employees
14.3.1 Korona Tours and Travel Services Ltd - company overview
14.3.2 Korona Tours and Travel Services Ltd - main services
14.3.3 Korona Tours and Travel Services Ltd - key competitors
14.3.4 Korona Tours and Travel Services Ltd - key employee
14.4.1 Varianos Travel - company overview
14.4.2 Varianos Travel - main services
14.4.3 Varianos Travel - key competitors
14.4.4 Varianos Travel - key employee
15 Market Data Analysis
15.1.1 Number of trips and overnight stays
15.1.2 Number of overnight stays
15.1.3 Total domestic tourist expenditure
15.1.4 Average expenditure per domestic tourist by category
15.2.1 International arrivals by region
15.2.2 International arrivals by purpose of visit
15.2.3 Total inbound tourism expenditure by category
15.2.4 Average international tourist expenditure by category
15.3.1 International departures by region
15.3.2 International departures by purpose of visit
15.3.3 Number of overnight stays
15.3.4 Total outbound tourism expenditure by category
15.3.5 Average overseas expenditure per resident by category
15.4.1 Seats available
15.4.2 Number of seats sold by passenger type
15.4.3 Load factor
15.4.4 Passenger kilometers available
15.4.5 Revenue-generating passenger kilometers
15.4.6 Revenue per passenger
15.4.7 Total airlines revenue
15.5.1 Hotel establishments
15.5.2 Available rooms
15.5.3 Room occupancy rate
15.5.4 Room nights available
15.5.5 Room nights occupied
15.5.6 Average revenue per available room
15.5.7 Revenue per occupied room
15.5.8 Total revenue per available room
15.5.9 Total hotel revenue
15.5.10 Guests by customer type
15.6.1 Market value by customer type
15.6.2 Fleet size
15.6.3 Rental occasions
15.6.4 Rental days
15.6.5 Average rental length
15.6.6 Utilization rate
15.6.7 Average revenue per day
15.7.1 Travel intermediaries market value by product type
15.7.2 Travel intermediaries market value by channel
15.7.3 Travel intermediaries market value by destination
15.7.4 Travel intermediaries market value by customer type
16 Appendix


List of Tables

Table 1: Cyprus - Tourist Arrivals from Top-10 Countries (Thousand), 2009-2018
Table 2: Cyprus - Tourist Departures to Top-Six Countries (Thousand), 2009-2018
Table 3: Cyprus - Airlines Market Share by Number of Domestic and International Passengers Carried (%), 2013
Table 4: Cyprus - Hotels Market Share, Number of Hotels
Table 5: Cyprus Tourism Organization - Key Facts and Locations
Table 6: Larnaca International Airport - Overview
Table 7: Paphos International Airport - Overview
Table 8: Cyprus Airways, Key Facts
Table 9: Cyprus Airways, Main Services and Brands
Table 10: Cyprus Airways, History
Table 11: Cyprus Airways, Key Employees
Table 12: Ryanair Holdings plc, Key Facts
Table 13: Ryanair Holdings plc, Main Services
Table 14: Ryanair Holdings plc, History
Table 15: Ryanair Holdings plc, Key Employees
Table 16: A. Tsokkos Hotels Public Ltd, Key Facts
Table 17: A. Tsokkos Hotels Public Ltd, Main Services
Table 18: A. Tsokkos Hotels Public Ltd, History
Table 19: A. Tsokkos Hotels Public Ltd, Key Employees
Table 20: Atlantic Hotels and Resorts Cyprus, Key Facts
Table 21: Atlantic Hotels and Resorts Cyprus, Main Services
Table 22: Atlantic Hotels and Resorts Cyprus, Key Employees
Table 23: Louis Hotels Cyprus, Key Facts
Table 24: Louis Hotels Cyprus, Main Services
Table 25: Louis Hotels Cyprus, Key Employees
Table 26: Aqua Sol Hotels Public Company Ltd, Key Facts
Table 27: Aqua Sol Hotels Public Company Ltd, Main Services
Table 28: D.H. Cyprotels Plc, Key Facts
Table 29: D.H. Cyprotels Plc, Main Services and Brands
Table 30: D.H. Cyprotels Plc, History
Table 31: D.H. Cyprotels Plc, Key Employees
Table 32: AVIS Rent a Car Cyprus, Key Facts
Table 33: AVIS Rent a Car Cyprus, Main Services
Table 34: Hertz Cyprus, Key Facts
Table 35: Hertz Cyprus, Main Services
Table 36: Hertz Cyprus, Key Employee
Table 37: Budget Rent-a-Car Cyprus, Key Facts
Table 38: Budget Rent-a-Car Cyprus, Main Services
Table 39: Europcar Cyprus ASG Ltd, Key Facts
Table 40: Europcar Cyprus ASG Ltd, Main Services
Table 41: Europcar Cyprus ASG Ltd, Key Employee
Table 42: Sixt Rent a Car Cyprus, Key Facts
Table 43: Sixt Rent a Car Cyprus, Main Services
Table 44: Sixt Rent a Car, Key Employee
Table 45: Top Kinisis Travel Public Ltd, Key Facts
Table 46: Top Kinisis Travel Public Ltd, Main Services
Table 47: Top Kinisis Travel Public Ltd, History
Table 48: Top Kinisis Travel Public Ltd, Key Employees
Table 49: Aeolos Travel, Key Facts
Table 50: Aeolos Travel, Main Services
Table 51: Aeolos Travel, Key Employees
Table 52: Korona Tours and Travel Services Ltd, Key Facts
Table 53: Korona Tours and Travel Services Ltd, Main Services
Table 54: Korona Tours and Travel Services Ltd, Key Employees
Table 55: Varianos Travel, Key Facts
Table 56: Varianos Travel, Main Services
Table 57: Varianos Travel, Key Employee
Table 58: Cyprus - Number of Trips by Purpose (Million), 2009-2018
Table 59: Cyprus - Number of Overnight Stays (Million), 2009-2018
Table 60: Cyprus - Total Domestic Tourism Expenditure (EUR Million), 2009-2018
Table 61: Cyprus - Average Expenditure per Domestic Tourist by Category (EUR), 2009-2018
Table 62: Cyprus - International Arrivals by Region (Thousand), 2009-2018
Table 63: Cyprus - International Arrivals by Purpose of Visit (Thousand), 2009-2018
Table 64: Cyprus - Total Inbound Tourism Expenditure by Category (EUR Million), 2009-2018
Table 65: Cyprus - Average Expenditure per Inbound Tourist by Category (EUR), 2009-2018
Table 66: Cyprus - International Departures by Region (Thousand), 2009-2018
Table 67: Cyprus - International Departures by Purpose of Visit (Thousand), 2009-2018
Table 68: Cyprus - Overnight Stays (Million), 2009-2018
Table 69: Cyprus - Total Outbound Tourism Expenditure by Category (EUR Million), 2009-2018
Table 70: Cyprus - Average Outbound Expenditure per Resident by Category (EUR), 2009-2018
Table 71: Cyprus - Number of Seats Available (Million), 2009-2018
Table 72: Cyprus - Number of Seats Sold by Passenger Type (Thousand), 2009-2018
Table 73: Cyprus - Load Factor (%), 2009-2018
Table 74: Cyprus - Number of Passenger Kilometers Available (Billion), 2009-2018
Table 75: Cyprus - Number of Revenue-Generating Passenger Kilometers (Billion), 2009-2018
Table 76: Cyprus - Revenue per Passenger (EUR), 2009-2018
Table 77: Cyprus - Total Revenue (EUR Million), 2009-2018
Table 78: Cyprus - Hotel Establishments (Actual), 2009-2018
Table 79: Cyprus - Available Hotel Rooms (Thousand), 2009-2018
Table 80: Cyprus - Hotel Room Occupancy Rate (%), 2009-2018
Table 81: Cyprus - Room Nights Available (Million), 2009-2018
Table 82: Cyprus - Room Nights Occupied (Million), 2009-2018
Table 83: Cyprus - Average Revenue per Available Room (EUR), 2009-2018
Table 84: Cyprus - Average Revenue per Occupied Room (EUR), 2009-2018
Table 85: Cyprus - Total Revenue per Available Room (EUR), 2009-2018
Table 86: Cyprus - Total Hotel Revenue (EUR Million), 2009-2018
Table 87: Cyprus - Guests by Customer Type (Thousand), 2009-2018
Table 88: Cyprus - Car Rental Market Value by Customer Type (EUR Million), 2009-2018
Table 89: Cyprus - Car Rental Fleet Size (Actual), 2009-2018
Table 90: Cyprus - Car Rental, Rental Occasions (Thousand), 2009-2018
Table 91: Cyprus - Car Rental, Rental Days (Thousand), 2009-2018
Table 92: Cyprus - Car Rental, Average Rental Length (Days), 2009-2018
Table 93: Cyprus - Car Rental, Market Utilization Rate (%), 2009-2018
Table 94: Cyprus - Car Rental Average Revenue per Day (EUR), 2009-2018
Table 95: Cyprus - Travel Intermediaries Market Value by Product Type (EUR Million), 2009-2018
Table 96: Cyprus - Travel Intermediaries Market Value by Channel (EUR Million), 2009-2018
Table 97: Cyprus - Travel Intermediaries Market Value by Destination (EUR Million), 2009-2018
Table 98: Cyprus - Travel Intermediaries Market Value by Customer Type (EUR Million), 2009-2018
Table 99: Timetric Travel and Tourism Sector Definitions


List of Figures
Figure 1: Cyprus - Tourism Expenditure (US$ Million), 2009-2018
Figure 2: Cyprus - Key Ratios (%), 2009-2018
Figure 3: Cyprus - Domestic Tourism Expenditure (EUR Million), 2009-2018
Figure 4: Cyprus - International Arrivals by Purpose (Thousand), 2009-2018
Figure 5: Cyprus - International Departures by Purpose (Thousand), 2009-2018
Figure 6: Cyprus - Total Domestic Tourism Expenditure by Category (EUR Million), 2009-2018
Figure 7: Cyprus - Total Outbound Tourism Expenditure (EUR Million), 2009-2018
Figure 8: Cyprus - Load Factor (%) and Revenue per Passenger (EUR), 2009-2018
Figure 9: Cyprus - Seats Sold vs Seats Available (Thousand), 2009-2018
Figure 10: Cyprus - Hotel Establishments (Actual), 2009-2018
Figure 11: Cyprus - Total Hotel Revenues (EUR Billion), 2009-2018
Figure 12: Cyprus - Car Rental Value by Location (EUR Million), 2009-2018
Figure 13: Cyprus - Average Revenue per Day (EUR), 2009-2018
Figure 14: Cyprus - Travel Intermediaries Market Value (EUR Million), 2009-2018
Figure 15: Cyprus - Travel Intermediaries Market Value by Channel (EUR Million), 2009-2018
Figure 16: Cyprus - Number of Trips by Purpose (Million), 2009-2018
Figure 17: Cyprus - Number of Overnight Stays (Million), 2009-2018
Figure 18: Cyprus - Total Domestic Tourism Expenditure by Category (EUR Million), 2009-2018
Figure 19: Cyprus - Average Expenditure per Domestic Tourist by Category (EUR), 2009-2018
Figure 20: Cyprus - International Arrivals by Region (Thousand), 2009-2018
Figure 21: Cyprus - International Arrivals by Purpose of Visit (Thousand), 2009-2018
Figure 22: Cyprus - Total Inbound Tourism Expenditure by Category (EUR Million), 2009-2018
Figure 23: Cyprus - Average Expenditure per Inbound Tourist by Category (EUR), 2009-2018
Figure 24: Cyprus - International Departures by Region (Thousand), 2009-2018
Figure 25: Cyprus - International Departures by Purpose of Visit (Thousand), 2009-2018
Figure 26: Cyprus - Overnight Stays (Million), 2009-2018
Figure 27: Cyprus - Total Outbound Tourism Expenditure by Category (EUR Million), 2009-2018
Figure 28: Cyprus - Average Outbound Expenditure per Resident by Category (EUR), 2009-2018
Figure 29: Cyprus - Number of Seats Available (Million), 2009-2018
Figure 30: Cyprus - Number of Seats Sold by Passenger Type (Thousand), 2009-2018
Figure 31: Cyprus - Load Factor (%), 2009-2018
Figure 32: Cyprus - Number of Passenger Kilometers Available (Billion), 2009-2018
Figure 33: Cyprus - Number of Revenue-Generating Passenger Kilometers (Billion), 2009-2018
Figure 34: Cyprus - Revenue per Passenger (EUR), 2009-2018
Figure 35: Cyprus - Total Revenue (EUR Million), 2009-2018
Figure 36: Cyprus - Hotel Establishments (Actual), 2009-2018
Figure 37: Cyprus - Available Hotel Rooms (Thousand), 2009-2018
Figure 38: Cyprus - Hotel Room Occupancy Rate (%), 2009-2018
Figure 39: Cyprus - Room Nights Available (Million), 2009-2018
Figure 40: Cyprus - Room Nights Occupied (Million), 2009-2018
Figure 41: Cyprus - Average Revenue per Available Room (EUR), 2009-2018
Figure 42: Cyprus - Average Revenue per Occupied Room (EUR), 2009-2018
Figure 43: Cyprus - Total Revenue per Available Room (EUR), 2009-2018
Figure 44: Cyprus - Total Hotel Revenue (EUR Million), 2009-2018
Figure 45: Cyprus - Guests by Customer Type (Thousand), 2009-2018
Figure 46: Cyprus - Car Rental Market Value by Customer Type (EUR Million), 2009-2018
Figure 47: Cyprus - Car Rental Fleet Size (Actual), 2009-2018
Figure 48: Cyprus - Car Rental, Rental Occasions (Thousand), 2009-2018
Figure 49: Cyprus - Rental Days (Thousand), vs Average Rental Length (Days), 2009-2018
Figure 50: Cyprus - Car Rental, Market Utilization Rate (%), 2009-2018
Figure 51: Cyprus - Car Rental Average Revenue per Day (EUR), 2009-2018
Figure 52: Cyprus - Travel Intermediaries Market Value by Product Type (EUR Million), 2009-2018
Figure 53: Cyprus - Travel Intermediaries Market Value by Channel (EUR Million), 2009-2018
Figure 54: Cyprus - Travel Intermediaries Market Value by Destination (EUR Million), 2009-2018
Figure 55: Cyprus - Travel Intermediaries Market Value by Customer Type (EUR Million), 2009-2018

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