The hyperinflation effects on the economy in general have affected all the activities carried out in the tourism industry, mainly the most relevant – lodging, travel modes, and intermediaries. The replacement of functional and operational assets has caused many aircraft, vehicles and boats to leave companies’ service lines, and the rooms, halls and fundamental operative units of accommodation establishments have been impacted.
The development of technology has facilitated user access to the tourist services network and has, consequently, brought about a significant reduction in the traditional use of established marketing channels in tourism. The main traditional travel agency chains are adapting their online offer and making it more flexible and dynamic, with the main goal of reaching customers who look online to find unique offers and good deals.
Many airlines have left Venezuela, after lengthy disputes over billions of dollars that the government owes them. The Venezuelan government has not reimbursed companies in hard currency for the sale of tickets in local currency, according to strict monetary controls.
A phenomenon developed in the review period – arrivals of foreign tourists from Russia, France, Spain, and New Zealand, who love risk and are interested in the Venezuelan crisis, which is characterised by shortages of basic goods, violent unrest and political repression. Despite Caracas being one of the most violent cities in the world, these tourists want to have a close look at “socialism in the 21st century”.
Economic recession resulting from the fall in oil prices towards the end of the review period, in conjunction with hyperinflation, scarcity of goods and an increasing loss of air connectivity with the rest of the world, are the variables that will play major roles in the performance of the Venezuelan travel industry. From the supply perspective, it will add another element of uncertainty to an already hectic business environment, as firms continue to face the threats of price ceilings and government inspections and raids.
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Discover the latest market trends and uncover sources of future market growth for the Travel industry in Venezuela with research from Euromonitor's team of in-country analysts.
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