Travel in Monaco

Mixed performance in travel in 2015

Monaco’s travel industry saw a mixed performance in 2015. On the one hand, cruise arrivals increased in 2015 and leisure tourism rose, helped by the better economic framework in Western Europe. On the other hand, MICE travel contracted in 2015 since businesses remained conscious about their expenses and Monaco faced growing competition from other destinations. The ongoing decline in arrivals from Russia also negatively impacted the industry in 2015.

Monaco unscathed by major trends in online travel

While trends in online travel increasingly impact other destinations, Monaco remains relatively unscathed by these developments due to its focus on luxury travel. Nonetheless, online bookings continue to increase as travellers more and more take care of their own bookings.

Stable competitive environment in lodging

Lodging is characterised by a stable competitive environment, dictated by the confined space of the Principality. The only development of note was the part-closure of the Hotel de Paris in 2015 due to renovation works, resulting in a significant decrease in room capacity for the year. Short-term rentals, meanwhile, fill some of the gap that the absence of other lodging operators causes.

Luxury and exclusivity are focus areas

Monaco’s focus on luxury travel remains strong. In car rental, this takes the form of exclusive luxury car offers, an area that has been entered by air transportation company Héli Air Monaco in response to falling passenger numbers in helicopter travel. The renovated Hotel de Paris, meanwhile, once fully reopened, will feature a pop-up luxury suite that will be redecorated every couple of months by different luxury brands, thus providing guests with ever-new experiences.

Rise in inbound arrivals forecast

The outlook for the travel industry in Monaco is positive, even though there are some risks. Given the Principality’s considerable pricing levels, competition with regards to MICE tourism is anticipated to be strong. At the same time, improved economic conditions in Western Europe and rising inbound arrivals from emerging travel markets are expected to result in positive growth during the forecast period.

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