The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreAug 2015
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Sydney is experiencing growth in international arrivals, faster than domestic tourism which still dominates. There is strong competition from domestic and regional destinations luring tourists away to places such as Tokyo, Japan. Sydney hosted the ICC Cricket World Cup in 2015 and remains a key sports destination. Hotel supply is growing at a slow rate, with many refurbishments bringing old properties back to life. A new airport has been approved and will begin construction in 2016.
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Strong growth in arrivals from China continue although many Asian destinations see a decline in arrivals to Sydney because of competition from destinations such as Japan.
The overvalued Australian dollar led domestic tourists to choose international destinations over Sydney, and growth remains lower than international tourism although a recovery is expected.
International business tourism has decreased as a percentage of total in the past 10 years, and Sydney’s new convention centre should help achieve a turnaround.
While supply is slow to come to this market, hotel refurbishments are widespread with many hotels reopening with a better value proposition after extensive works.
There is a slow growth in supply and investors continue to fear Sydney as a result of the oversupply that flooded the market ahead of the 2000 Olympics leaving many rooms empty as a consequence.
Despite controversy and criticism, the new airport plans were approved in 2014 and construction will begin in 2016 on a first runway.
Qantas struggled with heavy losses during a few years and is starting to experience a turnaround which is leading to international expansions.
Sydney hosted five of the matches that took place during the ICC Cricket World Cup in 2015, with full capacity achieved at all matches; the final, however, was played in Melbourne.
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