Australia’s Tourism Industry Forecast To Exceed $129 Billion By 2020-21, Due To A Weaker Australian Dollar And Increased Inbound Tourism From Asia
According to business information analysts at IBISWorld, the lucrative tourism industry, currently worth an estimated $118 billion in revenue and employing more than 543,000 across the nation, is set to grow strongly over the next five years.
Tourism is becoming one of the nation’s fundamental export industries. Industry revenue is forecast to reach $129.7 billion in revenue by 2020-21 as the industry anticipates an increase in inbound tourism from Asia.
China has surpassed the previously lucrative Japanese market in visitor numbers, nights stayed and dollars spent, and is now one of the industry’s most valuable markets. Chinese visitors have outspent visitors from the United Kingdom by 50 per cent. Over the next five years, India is expected to follow suit, driven by a growing middle class and an increase in the number of Indian students choosing to study in Australia.
That said, Australia’s top five most valuable tourism markets in 2014-15 included many traditional markets such as the United Kingdom, United States and New Zealand, as economic recovery continued in these economies.