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Hungary Tourism Report Q2 2011
Business Monitor International, April 2011, Pages: 56
Business Monitor International's Hungary Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hungary's tourism industry.
Tourism Overview
International tourism to Hungary continued to recover in 2010. In the hospitality sector, data show that the number of foreign guest arrivals increased a relatively favourable 5% year-on-year (y-o-y) in the first 11 months of 2010. This represents a good outturn, following a downturn in 2009. By contrast, domestic tourism continued to remain weak, with total guest arrivals falling marginally y-o-y.
Hospitality
Although data are not quite complete, the hospitality sector recovered in 2010 from a poor performance in the previous year. Figures for the period January-November 2010 show that the total number of nights by foreign and domestic tourists spent in all accommodation establishments increased slightly, by 1.2% y-oy. Nights by international visitors (which accounted for 49% of the total) were up 1.3% y-o-y, while domestic resident nights rose a similar 1.1% compared with the corresponding period a year earlier. The major source market for the sector, Germany (accounting for some 12% of all nights in 2009), recorded a 6% y-o-y fall in tourist nights.
Two other key markets, Austria and Italy, recorded positive growth in the number of nights spent by tourists, up more than 1% and nearly 5% y-o-y respectively. The third largest source market, the UK, recorded slight negative growth in tourist nights of about 1% y-o-y. The average occupancy rate of hotel rooms over the 2010 was 48%, up favourably y-o-y. A relatively strong increase in occupancy rates, to an average of more than 61%, was achieved in five-star hotels.
Forecast Scenario
In line with the recovery in international tourism, the annual growth forecast for foreign tourist arrivals in 2011 is 3.7%. These short-term forecasts are based on steady growth in the major source region, the eurozone, going into 2011 (at 1.6%), although growth in Germany is expected to slow in 2011.
Concerning two other important markets, BMI estimate real GDP contracted by 1.9% in Romania in 2010, but growth is forecast to recover to just over 2% in 2011, while in Slovakia growth is expected to slow slightly in 2011 but remain relatively strong at more than 3%. Despite significant weakness of the forint in 2010, which helped the competitiveness of the tourism sector, anticipated strength of the Hungarian currency against the euro and the US dollar over the forecast period is likely to act as a constraint on tourism.
Danubius Hotels Group
Latest results for the domestic hospitality company Danubius Hotels Group show consolidated group revenues totalled almost HUF33.2bn (US$164mn), during first three quarters of 2010, while Hungarian operations recorded revenues of HUF19.4bn (US$96mn). Both figures represent a 3% fall y-o-y in local currency terms. The company stated that the volcanic ash cloud that paralysed air traffic throughout Northern and North Western Europe in Q210 had a noticeable negative effect on Hungarian revenues. Group occupancy rates stood at 61.9% in 9M10, compared with 60.8% in the same period in 2009, while occupancy rates in Hungary fell to 57% from 58.8%. Overall, however, occupancy rates picked up well in Q310 y-o-y.
Airlines
In January, Budapest Airport welcomed Qatar Airways – its first Middle Eastern scheduled carrier. The new service between the Qatar capital Doha and Budapest operates four times a week. From March 2011, the national flag carrier, Malév Hungarian Airlines, will add Barcelona to its services to Spain. Also in March, Hungarian low-cost carrier Wizz Air will launch several new routes from Romania to Cyprus, the UK, Italy and Spain. Wizz Air will also establish a new operating base in Vilnius (Lithuania) in April.
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