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News 6

Russia Could See Incoming Tourist Expenditure Double to US$15.3bn by 2016 If Vital Infrastructure Changes Are Implemented

A new report commissioned by Hilton Worldwide titled, Balancing Russia's tourism deficit: A report on the future of the industry, reveals that incoming tourist expenditure in Russia could double to US$15.3bn by 2016 if vital infrastructure changes are implemented.

The report's findings show that whilst Russia's outbound market is forecasted to become one of the fastest growing in Europe, showing an annual average growth rate of 7.4%* from 2011 to 2016, and a doubling of outbound tourist expenditure to $US67.1bn; inbound tourism can only increase if the vital infrastructure changes that have been planned by the Government are fully implemented. In doing so, by 2016 Russia could see a 5%* increase in the number of visitors and the amount spent by incoming tourists double, thereby contributing an additional US$15.3bn to the Russian economy.

The report was commissioned by Hilton Worldwide, which has identified Russia as its fastest growing development market in Europe, with plans to open 28 hotels across the country in the next few years.

To read the full article, please click here

Source - http://www.marketwatch.com/

 

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