Total output within the Czech tourism market fell from CZK429.6 billion in 2007 to CZK374.9 billion in 2011, registering a compound annual growth rate (CAGR) of -3.35% during that time period.
However, the Czech Republic recorded a 3% increase in its direct tourism output in 2011, following a decline during the previous three years.
Economic recovery in major source regions, such as Europe and North America, was the primary reason for growth in Czech tourism in 2011.
Travel and tourism in the Czech Republic is poised to record positive growth in all markets through to 2016. This will be driven by investment in new health and wellness programmes by accommodation operators, by continuous improvement of tourism services, and by targeted promotional activities.
Increased coming demand from inbound tourism will boost travel accommodation, car rental and tourist attractions, whilst the growing demand of domestic tourists for outbound trips and domestic trips will bring volume and value growth for travel retail and transportation.
The Czech tourism market recorded a total of 6.8 million inbound trips in 2011, a CAGR of 7.9%. Germany was the primary source country, accounting for approximately 1.4 million inbound trips; followed by Poland, with 373,864 trips.
Market consolidation is expected is expected in the future and new acquisitions will probably strengthen big players who will conduct strong promotions and continue cautious pricing as a post-recession after effect.
For more information on the Czech tourism market, see the latest research: Czech Tourism Market Report
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.