Dundee will emerge as a new tourism hotspot for overseas visitors to Scotland, according to a major new report.
The £1 billion waterfront development and the much anticipated V&A will “reposition the city as a tourist destination and further enhance Scotland’s already diverse offering”, according to Ally Scott, managing director of Barclays Corporate Banking Scotland.
The research, independently commissioned for Barclays, predicts foreign tourism spend will increase by 40% in the next four years, ahead of the UK average.
The US will remain the biggest spender ahead of Germany and France, and retail spend will rise by 40% through sales of home and fashion goods.
Overseas income for hospitality and leisure will be worth £1.4bn by 2017.
The research says 2014 will be a landmark year and will pave the way for a long-term boost in spending by overseas visitors in Scotland.
It will be followed by steady annual growth resulting in a predicted 40% increase in foreign tourism spend.
Visitors from the US, Germany and France currently spend the most in Scotland, and this spending pattern will continue through to 2017.
This year’s global events, including the Commonwealth Games and Ryder Cup, will be bolstered by the rapid growth in spending among tourists from emerging economies and looser visa restrictions.
The report highlights wider developments that will contribute to Scotland’s long-term growth and attractiveness to overseas visitors.
It anticipates Dundee’s £1bn waterfront development and the imminent opening of the V&A design museum will see the city emerge as a top contender in both the retail and cultural scene.
Will Dawson, convener of Dundee City Council’s city development committee, said: “This report reinforces a number of other surveys and indicators suggesting growth in the tourism market for the city and the wider area.
“Tourism is a key part of our economy and we are working hard with other agencies in the area to grasp the opportunities for growth and jobs that it offers. Job opportunities are there for almost every conceivable role in the sector, but in particular there will be a need for people to take up skilled posts.”
Mr Scott continued that while 2014 will provide an unprecedented boost for tourism in Scotland, the afterglow will continue in the longer term.
“The development of Dundee Waterfront and the much anticipated V&A will reposition the city as a tourist destination and further enhance Scotland’s already diverse offering,” he said.
He said the sectors that will benefit from this rise in tourist spending are retail, leisure and hospitality.