Europe is driven by strong travel tourism in 2023
Wednesday, July 19, 2023
Europe’s tourism recovery is maintaining its momentum despite economic headwinds, reaching about 95% of 2019 levels of international tourist arrivals.
Though inflation and increased travel costs are squeezing consumers’ wallets, travel spending is still prioritized over other discretionary expenses.
The latest data available shows that one-quarter of reporting European destinations have surpassed pre–pandemic levels of foreign arrivals.
The European Travel Commission (ETC) has today released its ‘European Tourism: Trends & Prospects’ report for the second quarter of 2023, which provides a comprehensive analysis of the region’s latest tourism and macroeconomic developments.
This summer, many consumers will make their travel decisions with cost in mind, as weaker economic conditions put pressure on travelers’ budgets.
Household finances and discretionary spending will remain strained going into the peak travel season in Europe (June to Auguest), but this should not derail the overall recovery.