maldives tourism forecast

Maldives will attract more than 2.5 million international tourists and generated more than US$ 5 billion in revenues by 2027.

"Maldives Tourism Market" offers the most up-to-date industry data on the actual market situation and future outlook for the Maldives tourism market.

The report uses data and analysis to discuss future trends related to international tourists' arrivals, spending, the purpose of visits and main destination markets. The report provides a clear insight into current and future tourism developments in the region. Furthermore, this report uses country-focused analysis to explore tourist markets in the Maldives.

A detailed country-wise analysis of the market is provided, covering a total of 14 nations. The research study limelight growth drivers and investigates market inhibitors of Maldives travel and tourism.

The top 14 most visited countries included in this report are India, Kazakhstan, Saudi Arabia, Italy, Russia, United Kingdom, Germany, France, Switzerland, United States, Ukraine, Spain, Austria and Poland.

Key Topics Covered:

1. Executive Summary

2. Total International Tourists Arrival and Market Size (Spending) in the Maldives (2017 - 2027)

2.1 Total International Tourists Arrival and Forecast

2.2 Total International Tourists Spending and Forecast

3. Total International Tourists Arrival and Spending Share in the Maldives (%) (2017 - 2027)

3.1 Total International Tourists Arrival Share and Forecast

3.2 Total International Tourists Spending Share and Forecast

4. Key Market Drivers and Challenges of Maldives Tourism Market

4.1 Market Drivers

4.2 Market Challenges

5. Maldives International Tourists Arrival, Purpose of Visits and Spending - Top 14 Countries In-Depth Analysis (2017 - 2027)

5.1 Indian Tourists Arrival, Purpose of Visits and Spending

5.1.1 Indian Tourists Arrival to Maldives and Forecast

5.1.2 Information on Indian Tourists Purpose of Visits to Maldives and Forecast

5.1.3 Indian Tourists Spending in Maldives and Forecast

5.2 Kazakhstan Tourists Arrival, Purpose of Visits and Spending

5.3 Saudi Arabia Tourists Arrival, Purpose of Visits and Spending

5.4 Italy Tourists Arrival, Purpose of Visits and Spending

5.5 Russia Tourists Arrival, Purpose of Visits and Spending

5.6 United Kingdom Tourists Arrival, Purpose of Visits and Spending

5.7 Germany Tourists Arrival, Purpose of Visits and Spending

5.8 France Tourists Arrival, Purpose of Visits and Spending

5.9 Switzerland Tourists Arrival, Purpose of Visits and Spending

5.10 Ukraine Tourists Arrival, Purpose of Visits and Spending

5.11 Spain Tourists Arrival, Purpose of Visits and Spending

5.12 Poland Tourists Arrival, Purpose of Visits and Spending

5.13 Austria Tourists Arrival, Purpose of Visits and Spending

5.14 United States Tourists Arrival, Purpose of Visits and Spending

For more information about this report visit https://www.researchandmarkets.com/r/j5mcnr

ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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Maldives tourism report 2021: the maldives will attract more than 2.5 million international tourists and generated more than $5 billion revenues by 2027.

Dublin, Oct. 20, 2021 (GLOBE NEWSWIRE) -- The "The Maldives: Emerging as a Dream?Vacation?Destination for the International Tourists" report has been added to ResearchAndMarkets.com's offering.

Maldives will attract more than 2.5 million international tourists and generated more than US$ 5 billion in revenues by 2027.

"Maldives Tourism Market" offers the most up-to-date industry data on the actual market situation and future outlook for the Maldives tourism market.

The report uses data and analysis to discuss future trends related to international tourists' arrivals, spending, the purpose of visits and main destination markets. The report provides a clear insight into current and future tourism developments in the region. Furthermore, this report uses country-focused analysis to explore tourist markets in the Maldives.

A detailed country-wise analysis of the market is provided, covering a total of 14 nations. The research study limelight growth drivers and investigates market inhibitors of Maldives travel and tourism.

The top 14 most visited countries included in this report are India, Kazakhstan, Saudi Arabia, Italy, Russia, United Kingdom, Germany, France, Switzerland, United States, Ukraine, Spain, Austria and Poland

Key Topics Covered:

1. Executive Summary

2. Total International Tourists Arrival and Market Size (Spending) in the Maldives (2017 - 2027) 2.1 Total International Tourists Arrival and Forecast 2.2 Total International Tourists Spending and Forecast

3. Total International Tourists Arrival and Spending Share in the Maldives (%) (2017 - 2027) 3.1 Total International Tourists Arrival Share and Forecast 3.2 Total International Tourists Spending Share and Forecast

4. Key Market Drivers and Challenges of Maldives Tourism Market 4.1 Market Drivers 4.2 Market Challenges

5. Maldives International Tourists Arrival, Purpose of Visits and Spending - Top 14 Countries In-Depth Analysis (2017 - 2027) 5.1 Indian Tourists Arrival, Purpose of Visits and Spending 5.1.1 Indian Tourists Arrival to Maldives and Forecast 5.1.2 Information on Indian Tourists Purpose of Visits to Maldives and Forecast 5.1.3 Indian Tourists Spending in Maldives and Forecast 5.2 Kazakhstan Tourists Arrival, Purpose of Visits and Spending 5.3 Saudi Arabia Tourists Arrival, Purpose of Visits and Spending 5.4 Italy Tourists Arrival, Purpose of Visits and Spending 5.5 Russia Tourists Arrival, Purpose of Visits and Spending 5.6 United Kingdom Tourists Arrival, Purpose of Visits and Spending 5.7 Germany Tourists Arrival, Purpose of Visits and Spending 5.8 France Tourists Arrival, Purpose of Visits and Spending 5.9 Switzerland Tourists Arrival, Purpose of Visits and Spending 5.10 Ukraine Tourists Arrival, Purpose of Visits and Spending 5.11 Spain Tourists Arrival, Purpose of Visits and Spending 5.12 Poland Tourists Arrival, Purpose of Visits and Spending 5.13 Austria Tourists Arrival, Purpose of Visits and Spending 5.14 United States Tourists Arrival, Purpose of Visits and Spending

For more information about this report visit https://www.researchandmarkets.com/r/kqyqjy

Maldives cuts tourism forecasts amid market, geopolitical changes

The Ministry of Finance in Maldives has revised its tourism growth forecasts downward, reflecting changes in market composition and economic and geopolitical circumstances.

According to the Macroeconomic Update, published in late June, in 2023, tourist arrivals reached 1.88 million, surpassing pre-pandemic levels with a 12.1 percent increase compared to 2022. The first three months of 2024 saw 604,004 tourists, a 15.3 percent increase from the same period in 2023. This growth was driven by a significant rise in arrivals from China, which accounted for 11.2 percent of total arrivals in early 2024, up from 3.4 percent in 2023. The increase is attributed to additional direct flights and the timing of the Chinese New Year.

However, a decline in arrivals from South Asia, particularly India, was noted. This decline is linked to the removal of travel restrictions, opening up other tourist destinations, limited flight connectivity, and regional geopolitical tensions.

By the end of 2023, 12.9 million bed nights were recorded, a 5.2 percent increase from 2022. Despite this growth, the actual bed nights were 3.5 percent lower than forecasted. Discrepancies between data from the Ministry of Tourism and the Maldives Inland Revenue Authority (MIRA) are cited as a reason for this variance. Efforts are underway to reconcile these figures for improved accuracy.

For 2024, tourist arrivals are expected to reach 2 million, an 8.1 percent increase from 2023. Despite this, projected bed nights have been revised downward to 13.8 million, reflecting a declining trend in average stay duration and changes in key source markets. The average stay is now expected to be 6.8 days, down from the previously forecasted 7.1 days, driven by the shorter stays of Chinese tourists.

In the medium term, tourist arrivals and bed nights are expected to grow at average rates of 8.4 percent and 7.4 percent, respectively. However, forecasts have been adjusted downward to account for recent market changes and geopolitical factors. The operationalisation of the Velana International Airport passenger terminal in late 2024 is also expected to impact these forecasts.

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Featured News March 5, 2020

TTM Report: Maldives Tourism Industry Forecast 2023

Key Findings • Total tourist arrivals to reach 2.5 million by 2023 • Indian market to overtake Chinese market by 2021 • Indian and Chinese market to have 30% market share by 2023 • Europe to remain the largest market by region • Average Daily Rate and Average Stay to fall with increase in Asian markets • Operating bed capacity to increase by average 8%

Tourism industry is the largest economic industry in the Maldives. It plays a significant role in contributing towards the economic growth, earning foreign exchanges and creates employment opportunities in the tertiary sector.

Our team at TTM decided to look into a brief overview into the Maldives tourism industry for the year 2019, including the key markets and the highlights along with the future forecast of the demand and supply of the industry for the next 4 years.

Current Status According to the statistics by the Ministry of Tourism, 2019 proved to be one of the most successful years with reaching target of 1.5 millionth tourist arrival on November 24th, Maldives welcomed a record amount of 1,702,831 tourists. This was a 14.7% increase compared to 2018.

After slowing in 2018, tourist arrivals rebounded during the first half of 2019 and continued to do so throughout the year. Europe has been the strongest region for the Maldives for the past few years and even in 2019.

In 2019 tourist arrivals from Europe (49%) was with a 14.8% increase and 833,904 tourists. The second strongest performance was from Asia and the Pacific (41.4%). There were 705,117 tourists from this region in the year. This is a 13.5% increase compared to 2018. This was followed by American countries (5%) with 84,793 tourists, Middle East (3.5%) with 60,003 tourists and Africa with 18, 698 tourists. Looking at the top 10 country-wise markets, though China market has continued to be in the top, after no increase in the growth for the past 3 years, the market had a 0.3% increase in 2019.

Indian market, which was at 5th place in 2018 with 66,955 tourists, jumped to the 2nd position with a whopping 166,030 tourist arrivals in 2019 and India showed the highest growth rate with 83.5% in 2019.

India is now one of the fastest growing outbound tourism markets in the world, second only to China. The United Nations World Tourism Organization (UNWTO) estimates that India will account for 50 million outbound tourists by 2020.

Maldives being geographically closer to the Indian market contributes to this growth. In addition to this, the emergence of more airlines and routes has increased the availability of options for the Indian travelers.

Indian budget carriers such as GoAir, Spice Jet and Indigo have launched direct connections between Male and important Indian cities such as New Delhi, Bangalore and Mumbai.

The Germany and USA market also continued to show increase as the previous years while other markets Italy, UK, Russia, France, Japan and Australia showed a steady increase.

Looking into the supply, with over 20 new resorts opened in 2019, there were 927 tourist centres registered by the end of 2019. Traditionally, the tourist centres mainly compromised of the resorts, however with the emergence of local island tourism in 2017, guesthouses have opened new options for even the budget travelers. Every year Maldives has witness over 1000 new operating bed capacity from guesthouses itself.

By the end of 2019, the tourist centres include 152 resorts, 12 hotels, 607 guesthouses and 156 safaris. All this combined gave an accumulated operating bed capacity of 49, 924. This was a 13.9% growth in the operating bed capacity for 2019 compared to 2018.

Future Forecast The government has aimed to set new target of 2.5 million annual arrivals by 2023.

As per the past growth trends of the markets, Maldives is expected to welcome 1.8 million tourists in 2020, reaching 2.5 million tourists by 2023.

According to the forecast, if the slow growth of Chinese market continues, while the Indian market continues to grow, Indian will surpass the Chinese market to become the largest market for Maldives tourism industry. As per the market growth by region, Europe market will remain the top market but the Asia and the Pacific market will keep increasing as well.

The American market and African is expected to increase almost a double by the end of 2023.

As per the supply, the government has announced that tourism sector will increase 1,300 beds in 2020 with 13 new resorts and 74 guesthouses.

Maldives will need the operating bed capacity to be at 53,078 by 2020 to generate 70% bed night occupancy of 13 million. This will require 2.2 million tourists on an average of 6 nights. However as per the forecast, by end of 2020 Maldives is expected for 11 million actual bed nights with occupancy at 61%.

By the end of 2023, with 63,937 operating bed capacity, for 70% bed night occupancy, Maldives requires 16 million bed nights. This will require 2.7 million tourists on an average stay of 6 nights. But, according to the forecast, by end of 2023 Maldives is expected receive 15 million bed nights with an average occupancy at 67%.

But the worrying factor is the with the ever-growing Asian market, the average stays could be lower and thus resulting in much lower bed nights even with an increase in total tourist arrivals. Since ADR is lower for Indian and Chinese markets, another concerning factor is that this could reduce the average ADR considerably since these markets will account to over 30% of the total tourist arrivals to the Maldives by 2023.

Conclusions – Recommendations It’s important to have more European connectivity focused on our traditional European markets if we want to maintain a better average stay and ADR. Thus, with fewer arrivals’ figures can provide better over tourism receipts. Aviation industry policies of Maldives must align with tourism marketing policies by focusing on key European markets. Either by giving incentives to fly to Maldives or bilateral government talks can help to boost the routes from Europe to Maldives. It’s important to identify top 15 markets for long-term and focus on air connectivity to these to ensure that expected arrival figures are met.

Latest Travel News

Uncategorized July 10, 2024

News July 10, 2024

Maldives’ Economy Records Strong Recovery Amid Existing Weaknesses and Global Challenges

MALE’, April 13, 2022 — Maldives’ economy, buoyed by a strong rebound in tourism, is projected to grow at 7.6 percent in 2022 and fully recover to pre-pandemic levels by 2023, but the country’s high debt levels are a major concern, says the World Bank in its twice-a-year regional update.

Released today, the latest South Asia Economic Focus Reshaping Norms: A New Way Forward  projects the region to grow by 6.6 percent in 2022 and by 6.3 percent in 2023. The 2022 regional forecast has been revised downward by 1.0 percentage point compared to the January projection due in part to the impacts of the war in Ukraine.

Countries in South Asia are already grappling with rising commodity prices, supply bottlenecks, and vulnerabilities in financial sectors. The war in Ukraine will amplify these challenges, further contributing to inflation and deteriorating current account balances.

Also released today as a companion piece, the latest Maldives Development Update underscores the growing momentum of the economy supported by a sustained recovery in tourism, while identifying potential downside risks to growth. Maldives is expected to see strong economic growth in the medium-term, with real GDP expected to grow by 10.2 percent in 2023.

But the country faces vulnerabilities due to its large imports of fossil fuels as share of GDP, a reduction in tourists from Russia and Ukraine, and a high debt burden. Further increases in global energy prices may cause an additional fiscal burden. Tourism could be adversely impacted by a persistent reduction in Russian and Ukrainian tourists and new waves of COVID-19 infections. However, there is some upside potential from increasing tourist arrivals from traditional source countries and new markets.

“While the strong rebound in tourism is expected to boost Maldives’ economic recovery, with real GDP growth projected to return to pre-pandemic levels by 2023, prudent debt management remains critical to improving fiscal sustainability,” said Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka. “A high dependence on tourism and limited sectoral diversification also remains a key structural challenge. We continue to support Maldives in leveraging digital technologies and investing in renewables to achieve a green, resilient, and inclusive development path.”

Another challenge the region faces is the disproportionate economic impact the pandemic has had on women. The South Asia report includes an in-depth analysis of gender disparities in the region and their link with deeply rooted social norms, and recommends policies that will support women’s access to economic opportunities, tackle discriminatory norms, and improve gender outcomes for inclusive growth.

Sources: World Bank Macro Poverty Outlook and staff calculations.      

Note: (e)=estimate, (f)=forecast, * = excludes Sri Lanka. To estimate regional aggregates in the calendar year, fiscal year data is converted to calendar year data by taking the average of two consecutive fiscal years for Bangladesh, Bhutan, Nepal, and Pakistan at 2015 constant US$, for which quarterly GDP data are not available. GDP measured in 2015 prices and market exchange rates. Pakistan is reported at factor cost. Afghanistan is not included in the regional aggregates as Afghanistan is not producing statistics so there are no estimates or forecasts beyond 2020.

Last Updated: Apr 13, 2022

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Tourism slowdown hampers economic growth as forecast downgraded

Finance Ministry noted that GDP growth this year is expected to be lower than previously forecast due to a slowdown in the tourism and construction industries.

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The economy will not grow as much as expected this year, according to the latest estimates from the Ministry of Finance.

The Ministry of Finance released its latest economic data paper, "Macro Economic Update" report last week. According to the report:

When the budget was drafted this year, the economy was expected to grow at 5.5%

However, the latest estimates show that GDP will grow by 4.9% this year

Therefore, this is 0.6% points lower than the first forecast for this year

The forecast for the economy this year is better than the forecast for last year; last year, economic growth was 4%

In the report, the Finance Ministry noted that GDP growth this year is expected to be lower than previously forecast due to a slowdown in the tourism and construction industries.

Other reasons for the slowdown in economic growth are changes in state revenue and expenditure policy this year; especially the review of subsidies and changes in the implementation of structural development projects

Tourism will slow down but revenue will improve

The report notes that the tourism sector is expected to grow at a slower pace this year than previously forecast. Thus:

Tourism growth is now expected to be 6.8% in the medium term

When the budget was formulated this year, tourism was expected to grow at 8.6%

Therefore, tourism growth will be 1.8% points lower this year than previously forecast

The main reason for the slowdown in growth is the decline in the number of days spent by tourists at resorts and the number of tourists coming to resorts. In addition:

The decline in tourist arrivals from the Indian market, which is a major tourist destination for Maldives, is also a reason

Political rivalry or geopolitics among regional countries was also cited as a reason

The report noted that when the budget was calculated this year, tourists were expected to spend 7.1 days at the resorts. However, it is now calculated to average 6.8 days this year.

Tourism growth is expected to slow down this year, but the economy is expected to generate more revenue from tourism this year than last year. The report includes statistics such as:

Tourism will contribute MVR 21.9 billion to GDP this year

This is an increase of 6.1% over the previous year

The report also said that the estimate of 2 million tourists to Maldives this year will be maintained due to the increase in tourist arrivals from China.

A major slowdown in the construction sector

The report noted that the construction sector was initially forecast to grow at 3.7% this year. However, the construction sector is now expected to grow at 0.7% this year. The report cited as reasons:

Suspension of some development projects under fiscal reform measures

Import of construction materials declined in the first quarter of this year

However, the report predicts that the construction sector will grow in the medium term.

Maldives hikes economic growth, tourist arrivals forecast

Govt hits back at ex-finance minister amid blame game, opposition won't support tax hike without govt spending cuts, maldives to take stringent measure cut spending.

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• Summer travel in Europe ›

Southern Europe Leads the Way in Tourism Recovery

International tourism.

As the Northern Hemisphere’s summer holiday season is in full swing, millions of tourists are heading towards Southern Europe to spend their summer vacation on the pristine beaches the region has to offer. With Covid-19 no longer a concern for most travelers, countries like Spain, Italy and France are expecting a very busy, if not a record-breaking summer, as memories of empty beaches and travel restrictions are quickly fading.

In fact, Portugal, Italy, Spain and France – the latter still the number 1 destination for international tourists worldwide – already surpassed pre-pandemic visitor numbers in 2023, thereby leading the way in the tourism sector’s impressive recovery from this unprecedented crisis. In 2023, an estimated 1.3 billion people traveled internationally , which is still a little more than 10 percent short of 2019 travel volume but up more than 200 percent from 2020, the worst year in history for international tourism.

According to the OECD Tourism Trends and Policies 2024 report, the recovery of international tourism has been slightly uneven, with some regions opening up quicker than others and conflicts in Eastern Europe and the Middle East limiting travel to affected and neighboring countries. Against this backdrop, European destinations have been profiting from strong intra-European travel demand as well as from a large influx of American travelers empowered by the strong dollar. The opposite is true for inbound travel to the United States, which is still down 16 percent from pre-pandemic levels, as the strong dollar makes traveling to the U.S. a lot more expensive for European or other international tourists.

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