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Friday, May 10, 2024
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The European Travel Commission predicts that tourism spending in Europe will increase by 14.3% in 2024, driven by major events such as the Paris Olympics.
The European Travel Council (ETC), which represents Europe’s national tourism organisations, is expecting a strong rise in tourism spending from the travel industry, estimating a 14.3% increase this year compared to 2023.
ETC’s latest report this quarter, “European Tourism Trends and Outlook”, predicts that the travel industry will see tourists contribute around €742.8 billion to the European economy in 2024. This increase is being driven in large part by the excitement surrounding major events such as the Paris Olympics in France and UEFA Euro 2024 in Germany.
The report highlights that visitor spending in the travel industry specifically for the Paris Olympics is expected to increase by 13% on 2019 figures, with a 24% increase expected in France overall.
Tourists now prefer longer stays and more diverse experiences, with German tourists predicted to account for 16% of total European tourism spending in 2024. This reflects a growing travel industry trend to diversify tourism experiences and extend stays.
The report also noted that international visitor numbers to Europe increased by 7.2% in the first quarter of this year, with overnight stays up 6.5%, surpassing the figures for 2019. The increase was underpinned by strong regional travel from Germany, France, Italy and the Netherlands, as well as continued interest from the United States, Europe’s largest long-haul market.
In 2024, consumers are expected to prioritize travel spending over other leisure activities, leading to increased travel in both regional and long-haul markets. Overall tourism spending in the travel industry is expected to reach €742.8 billion, up 14.3% year-on-year. In particular, spending on eating out is expected to increase 30% year-on-year, creating lucrative opportunities for European food providers in the travel industry. In addition, spending on leisure, cultural activities and sports (up 27%), retail (up 23%), transport (up 23%) and accommodation (up 19%) are also predicted to increase, influenced by both inflation and changing consumer preferences in the travel industry. Providers will need to respond carefully to keep pricing fair without compromising perceived value.
ETC data shows that Southern Europe is at the forefront of tourism recovery, with Serbia seeing a 47% increase in visitor numbers compared to 2019, followed by Bulgaria (39%), Turkey (35%), Malta (35%), Portugal (17%) and Spain (14%).
This robust growth is due to these regions’ competitively priced vacation options and milder winter climates, factors that continue to drive the travel industry’s success.
