The Insight Files
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Consumer trends and news curated by Tourism Australia
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Australia’s tourism industry to exceed $129 billion by 2021

Australia’s tourism industry to exceed $129 billion by 2021 | The Insight Files | Scoop.it

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 world's nation's fundamental export industries, with industry revenue forecast to reach $129.7 billion by 2020-21 as the industry anticipates an increase in inbound tourism from Asia. China is now one of the industry's most valuable markets, outspending visitors from the United Kingdom by 50 per cent. Over the next five years, India is expected to follow suit, driving by a growing middle class and an increase in the number of Indian students choosing to study in Australia. Australia's top five most valuable tourism markets in 2014/15 also included the traditional markets of the UK, US and New Zealand. Find out more.

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Australia's tourism sector looks set to boom as the dollar busts

Australia's tourism sector looks set to boom as the dollar busts | The Insight Files | Scoop.it

While it is making overseas travel for Australians more expensive, the 25% decline in the Australian dollar since mid-2014 is having a direct positive impact on Australia's enormous tourism industry, increasing overseas arrival numbers, boosting sector employment and assisting Australia's economy in its transition away from the mining investment boom. With many expecting the Australian dollar to continute to slide in the year ahead, the outlook for the sector appears to be improving. Gareth Aird, an economist at CBA has has examined the impact of the falling Australian dollar on Australia's tourism sector. Find out more.

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Carol Carini's curator insight, September 9, 2015 12:29 PM

Just in time for my trip to Australia. Yes!

American Australian Travel Magazine

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International students bring in $16bn to the Australian economy

International students bring in $16bn to the Australian economy | The Insight Files | Scoop.it

International students contributed $15.74 billion to the Australian economy in the past year, the highest figure since the industry peaked in 2010. The booming demand is driven by the weaker Australian dollar, improved work rights and a simpler visa system. Immigration Department figures reveal that the new boom is being driven primarily by strong demand from China, from where demand is up 30% on the previous year. Overall student visa applications increased 16.2% in the September quarter on last year's figures, fuelled primarily by a 23.4% increase in higher education applications. ABS data revealed last week shows that, in the past year alone, higher education tuition fees contributed $5.3 billion to the economy, up from $4.96 billion last year.

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Luxury Consumption in China: Doubts Remain - Luxury Society - The Bulletin

Luxury Consumption in China: Doubts Remain - Luxury Society - The Bulletin | The Insight Files | Scoop.it
China has consistently out-performed growth expectations when it comes to luxury, but as the Republic's overall growth forecast slows, the outlook becomes a little less rosy...

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The economic and cultural value of live music in Australia

The economic and cultural value of live music in Australia | The Insight Files | Scoop.it

Research conducted by the University of Tasmania and released Wednesday 12 August, 2015 by the Live Music Office shows the live music sector contributed $15.7 billion of value to the Australian community in 2014, providing vital commercial, individual and civic benefits. Among the highlights of the report include:


  1. Live music spending in Australia delivers at least 3:1 benefit-to-cost ratio;
  2. Nationally, an estimated 65,000 full and part-time jobs are created by monies spent on live music (page 39), with taxation revenue generated for all tiers of government;
  3. Food and drink is the number one expense for those attending a live music performance equating to 29.3% of the total spend;
  4. Expenditure on tickets comes in second at 19.2% of spend, followed by travel at 17.6% and accommodation at 12.4%;
  5. Audiences are prepared to travel significant distances to attend live music, and this demonstrates live music is a source of regional competitive advantage.
  6. Live Music attendance was identified by punters and venues as contributing to improved health and wellbeing.


Click here to download the report.

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Australians opting to stay down under

Australians opting to stay down under | The Insight Files | Scoop.it

A falling dollar is deterring Australians from travelling overseas and has seen a spike in holidays at home. The softer dollar, which has recently fallen to its lowest level in almost five years - hovering around the 82 US cent mark - means less value for Australian tourists looking to take an international getaway. New data from St George Bank shows about 45% of Australians have put of international travel as a result of the falling dollar. Figures from Tourism Research Australia show in the 12 months to September, domestic overnight trips rising by 5% to 79.7 million trips. Tourism Australia's Managing Director said a falling dollar benefits local tourists in addition to international visitors who have more Australian dollars in their pockets.

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Travel Boom: Young Tourists Spent $217 Billion Last Year, More Than Any Other Group

Travel Boom: Young Tourists Spent $217 Billion Last Year, More Than Any Other Group | The Insight Files | Scoop.it

Backpackers may finally be getting some respect – at least from an economic standpoint.Young people are traveling more, staying away for longer periods of time and spending more money, a new report indicates.

 

In 2012, $217 billion of the $1.088 trillion tourism “spend” worldwide came from young travelers, an increase that vastly outstripped that of other international travelers, according to a new study of youth and student travel released by Amsterdam-based World Youth Student and Educational Travel Confederation. Young travelers now represent 20 per cent of international tourism, making the group an important economic force.

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Andrea Rossi's curator insight, October 11, 2013 4:52 AM

"The change in motivation behind traveling is one of the starkest shifts in trends the youth travel sector has seen in the last five years"