This market snapshot presents current data and information on the hotel and tourism industry in Turin, Italy. In writing such articles we utilise the expertise of HVS for each market to the full extent combining our in-house data and research together with published information regarding each of the examined destinations.
• Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has steadily increased since 2007, topping 133% of Gross Domestic Product (GDP) in 2013, but investor concerns regarding Italy and the broader euro- zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from its euro-era record levels;
• The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long- standing structural impediments to growth, such as labour market inefficiencies and widespread tax evasion. In 2013 economic growth and labour market conditions deteriorated, with recession at 1.8% and unemployment rising to 12.4%. Italy's GDP is currently 8.0% below its 2007 level however, the short-term economic outlook seems more promising, eventually stabilised after a tumultuous period;
• According to the World Travel and Tourism Council, the total contribution of the Travel and Tourism (T&T) economy to the GDP of Italy was €159.6 billion (10.3% of total GDP) in 2013, and is forecasted to rise by 2.1% in 2014, and to rise by 2.0% per year to reach €198.2 billion (11.0% of GDP) in 2024. The Italian T&T economy is currently ranked 8th in absolute terms and 78th according to its relative contribution to the country’s GDP amongst 184 countries;
• The total contribution of the T&T to employment, including jobs indirectly supported by the industry, was 11.6% of total employment (2,619,000 jobs) in 2013. This is expected to rise by 1.3% in 2014 to 2,652,500 jobs and rise by 1.6% per year to reach 3,094,000 jobs in 2024 (13.4% of total);
• International tourism arrivals in Turin have recorded modest growth rates over the last four years after a period of fluctuation with a negative trend. However, the destination has recorded a very positive trend overall during the last decade. Airport arrivals from abroad recorded a deterioration of 3.5% over the 2011-13 period but have in general being increasing by an average rate of 1.1% per annum;
• After the 2006 Winter Olympics the city has achieved to reposition itself attracting a higher proportion of leisure travellers. Corporate segment has suffered the last few years, as in almost every European major city, but the 2015 Milan EXPO and the Exhibition of the Holy Shroud the same year are projected to stimulate lodging demand and instigate an on-going visitation trend in the city.
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