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Chile Tourism Report Q1 2011
Business Monitor International, Jan 2011, Pages: 63
Chile Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Chile's tourism industry.
The tourism market in Chile has been successful in creating a separate identity for itself in comparison with most of its Latin American neighbours. It is regarded as having better infrastructure and, recently, a business-friendly government. Importantly, tourism growth has been centred on three areas - Viña del Mar, La Serena and Pucón - where clear regional identities have been established for prospective tourists. The devastating earthquake early in 2010, and more recently the cave-in and subsequent rescue efforts at the Copaipó copper mine have had the beneficial side effect of focusing world attention on Chile. In particular, the rescue of Chilean miners is thought to have been particularly beneficial for the tourism industry.
The largest source of tourists continues to be neighbouring Argentina, but Chile is also attracting increasing numbers of travellers from other markets, especially Europe. The association of various locations in the country with ecotourism and adventure destinations are proving successful in attracting visitors from these newer markets.
Chile’s stable political environment also makes it an attractive destination within Latin America. The election of President Sebastián Piñera and the promise of business-friendly policies are more attractive factors for the tourism business than the previous centre-left administration.
The economy remains strong. Despite the massive damage inflicted by devastating the earthquake in February 2010, Q2 GDP growth was an impressive 6.5% y-o-y. This figure more than offset the contraction of 4.5% y-o-y recorded 12 months earlier as a consequence of the global financial crisis. More than just recovery from the previous dip, the rise was driven by a more fundamental recovery in private consumption and gross fixed capital formation. On the downside however, there has been a marked deterioration in Chile’s export position, as weakness in some key markets is constraining export revenues.
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