| Challenges Remain for Swiss Tourism Industry |
| 06.12.11 16:56 | |
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Switzerland's winter sports destinations face major challenges. The strong economic upturn in the period from 2005 until 2008 failed to offset the fall in the number of overnight stays between 1996 and 2001. In the winter season in particular, Austria – the most important foreign rival – shows a superior performance. The strong Swiss franc is currently hitting businesses in the tourism industry. According to calculations by Credit Suisse experts, there is indeed a statistically significant relationship between exchange rates and overnight stays on the part of visitors from neighboring countries and the US, though the impact of the exchange rate on the development of overnight stays is relatively small. A 10% appreciation of the Swiss franc, for example, results in only a 0.8% drop in the number of overnight stays by German visitors. The current fall in the industry's turnover is driven more by price reductions than by a decline in guest frequency. Furthermore, economic developments abroad also play a decisive role. source: Credit Suisse |
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