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European Travel Commission predicts a 14.3% rise in Europe’s tourism spend for 2024, driven by major events like the Paris Olympics.
The European Travel Commission (ETC), representing national tourism organizations across Europe, anticipates a significant surge in the travel industry’s tourist expenditures, expecting a 14.3% increase this year over 2023.
In the ETC’s latest “European Tourism Trends & Prospects” report for this quarter, it’s predicted that the travel industry will see tourists contribute approximately 742.8 billion euros to the European economy in 2024. This increase is largely fueled by the excitement surrounding major events like the Paris Olympics in France and UEFA Euro 2024 in Germany.
The report highlights that spending by visitors in the travel industry, specifically for the Olympics in Paris, is expected to rise by 13% from the 2019 figures, with a 24% increase anticipated across France.
Tourists are now favoring longer stays and more varied experiences, with German tourists projected to account for 16% of Europe’s total tourism expenditure in 2024. This reflects a growing trend within the travel industry to diversify tourist experiences and extend visitation periods.
The report also noted a 7.2% increase in international visitors to Europe in the first quarter of the year, with overnight stays up by 6.5%, surpassing figures from 2019. This rise is supported by strong regional travel from Germany, France, Italy, and the Netherlands, alongside sustained interest from the United States, Europe’s top long-haul market.
In 2024, consumers are expected to prioritize travel spending over other leisure activities, leading to increased travel from both regional and long-distance markets. The travel industry’s overall tourism spend is set to reach 742.8 billion euros, up 14.3% from the previous year. Notably, expenditures on dining are expected to jump by 30% over last year, creating lucrative opportunities for European culinary providers in the travel industry. Additionally, increases are also forecasted for spending on leisure, cultural activities, sports (up 27%), retail (23%), transportation (23%), and accommodations (19%), influenced by both inflation and changing consumer preferences in the travel industry. Providers will need to navigate carefully to keep pricing fair without compromising perceived value.
ETC data reveals that Southern European locations are at the forefront of this tourism rebound, with Serbia experiencing a 47% increase in visitors from 2019 levels, followed by Bulgaria (39%), Turkey (35%), Malta (35%), Portugal (17%), and Spain (14%).
This robust growth is attributed to competitively priced vacation options and milder winter climates in these regions, factors that continue to drive success in the travel industry.
The post European Travel Commission Unveils an Remarkable 14.3% Leap in Tourism Spending for 2024 appeared first on Travel And Tour World.
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