Argentina and Spain Tourism Report Q4 2015 Market Report; Launched via MarketResearchReports.com

We believe that Argentine tourism receipts and industry value will soar in local currency terms, fuelled by elevated inflation. However, these same factors will weigh on domestic tourists' spending power and deter some foreign tourists from visiting Argentina - looking instead to visit less costly countries. In spite of this, we take a positive view of the longer-term prospects of the tourism sector, particularly the hotels sector. In particular, we believe there is a lot of room for the formalisation of accommodation, providing a positive outlook for growth despite the weak consumer environment.

An uncertain economic climate and perceived political instability, in conjunction with high costs compared with some of its regional peers, have resulted in Argentina seeing a decline in arrivals over the first part of 2015. According to national statistics, tourist arrivals fell by 4.4% in March, 5.2% in April, 5.3% in May, 3.5% in June and 4.3% in July. We believe that this downwards trend will slow and then reverse in the second half of 2015. However, growth will be about half that seen in 2014, with arrivals rising by just 2.5% in 2015. Consumer confidence and household spending growth in Argentina will remain robust, even following a likely devaluation in 2016, as government spending supports disposable incomes. In addition, the higher costs of holidaying within Argentina relative to many of the country's regional peers will encourage more outbound tourist trips over 2015 and into 2016.

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We forecast 4.4% growth in tourist arrivals to Spain in 2015. This will be boosted by a weak euro, which will have a positive impact on arrivals from countries such as the UK, US and China. As Spain invests in further expansion of tourism-related infrastructure, we expect to see further growth in this welldeveloped market.

We forecast 4.4% growth in Spanish tourist arrivals in 2015 as euro weakness encourages more eurozone holidaymakers to remain within the currency bloc while also driving tourist arrivals from non-eurozone member states as travellers look to take advantage of favourable exchange rates. Our view is supported by the recent announcement from the Ministry of Tourism that over the summer months in 2015 Spain has seen a strong increase in arrivals - July alone saw an uptick of 6% y-o-y. Our projections show full-year 2015 arrivals reaching 67.8mn, only a fraction under the Spanish Tourism Ministry's target of 68mn.

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