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Travel and Tourism in Maldives to 2020

Travel and Tourism in Maldives to 2020

  • March 2016
  • 65 pages
  • ID: 3701947
  • Format: PDF
  • By GlobalData

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Summary
The Maldives' tourism sector is largely dependent on international arrivals. China and European countries, including Germany, the UK, France, and Italy are the key source markets. The country is famous globally for its ultra-luxury resorts and beaches. Over the forecast period (2016-2020), international arrivals are projected to grow at a CAGR of 7.5% and inbound expenditure is expected to expand by 10.94%.

Key Findings
- After recording strong growth of 17% in 2013 and 7% in 2014, inbound trips to the Maldives slowed with an increase of just 2% in 2015. This can be attributed to a decrease in trips from China and Russia due to economic problems in those countries; in 2015, trips from Russia and China fell by 33% and 1% respectively. There was also a decline in trips from France. Almost 75% of the tourists from China and Russia visit the Maldives for the purpose of relaxation, whereas 61% of Indians visit the country for the purpose of honeymoon, according to a 2015 survey by the Ministry of Tourism. Neighbouring country, India, was the fastest-growing source market at a CAGR of 14% during 2011-2015. Inbound, domestic, and outbound trips are projected to grow at CAGRs of 7.5%, 6.1%, and 8%, respectively, over the forecast period (2015-2020)

- Arrivals from France, the seventh largest source market for the Maldives, have been declining in recent years. According to French tour operators, there was a 17% decline in 2015, which can be attributed to rising competition from other destinations such as Sri Lanka, Mauritius, and Bali. Furthermore, following the Charlie Hebdo terror attacks, the French are reluctant to travel to Muslim majority nations. Negative press about the country (such as the emergency declaration in 2015) is also discouraging French tourists from visiting the Maldives

- Occupancy rate in resorts and hotels in the Maldives fell in 2015 due to a decreasing number of international visitors from key source markets including Russia, China, and France. Furthermore, the nationwide emergency declared towards the end of the year resulted in booking cancellations and had a negative impact on occupancy rates. In resorts, occupancy rate decreased from 81.6% in 2014 to 76.2% in 2015, while in hotels it plunged from 42.5% to 38.5%

Synopsis
Canadean's report - Travel and Tourism in Maldives to 2020 - provides detailed information on the country's tourism sector, analyzing market data and providing insights. This report provides a better understanding of tourism flows, expenditure, and the airline and hotel industries.

What else does this report offer?

- Historic and forecast tourist volumes covering the entire Maldives Travel and Tourism sector

- Detailed analysis of tourist spending patterns for various categories, such as accommodation, sightseeing entertainment, foodservice, transportation, retail, travel intermediaries, and others

- Analysis of trips by purpose and mode of transport, and expenditure across various categories including domestic, inbound, and outbound tourism, with analysis using similar metrics

- Analysis of the airline and hotel industries

Reasons To Buy
- Make strategic business decisions using historic and forecast market data related to the Maldives' Travel and Tourism sector

- Understand the demand-side dynamics within the industry to identify key market trends and growth opportunities

- Direct promotional efforts on the most promising markets by identifying the key source and destination countries

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