Green Shoots (Accommodation industry benefits from tourism funding)

Accommodation Industry benefits from tourism funding

Fueled by an increase in Australia’s tourism budget, the market for tourism businesses and properties is showing signs of reaching its 2020 Tourism Industry Potential.  As one of the most popular tourist destinations in the world, Australia now offers increased investment opportunities for those looking to enter the tourism accommodation industry.

A recent increase in the new budget for marketing in Asia by the Federal Government is set to encourage strong tourism growth from key Asian markets, such as China and Japan. The extra funds will be aimed at reaching out to emerging cities in China, targeting the middle classes in places like Qingdao, Chengdu, and Chongquing. It will also be aimed at rebuilding Japanese visitation, which according to Tourism Research Australia, has been on the decline since the early 2000’s.

Accommodation industry experts predict the new Asia Marketing Fund projects have the potential to deliver good returns for the industry. Rodger Powell, managing director Tourism Accommodation Australia, said he was looking forward to working with the Federal Government and Tourism Australia to maximise benefits from the budget increase.  “This marketing fund will deliver real value for hoteliers by targeting the key markets in growth regions across Asia.  It will ensure the There’s Nothing Like Australia campaign will have increased reach into the growing tourism markets in Asia at a critical time for the industry."

Another recent focus for the tourism industry is tapping into baby boomers and backpackers who, according to recent IBIS World report, are fuelling a surge in domestic travel. For the tourism accommodation industry, this means the potential for higher booking rates, turn over and industry growth from interstate travellers.

Industry professionals and international trend spotters believe the key to Australia’s tourism businesses is in marketing Australia’s unique environment and natural assets.  The accommodation industry should welcome research investment of this nature because it encourages the continual improvement on the most effective ways to engage with international and domestic visitors.

The rapidly growing Asian markets and the expansion of domestic visitors will provide new business opportunities for the Australian tourism accommodation industry and offer investors tremendous potential for high returns and solid growth. If you are looking to take advantage of the recent trends in industry growth, or are looking for property management rights for sale in Australia, contact Resort Brokers for the best industry expert advice and latest listings.