European tourism is yet to get back properly

Thursday, May 11, 2023

At present, international visitors to Europe sit 18% below the levels existed in 2019 for the full-year 2022. In spite of anxieties in terms of growing living costs, consumers said no to trim down on their travel, mainly in the second half of the year. In the Eurozone1, inflation peaked and has since been slowing; but, it remains quite elevated, adding extra stress on households.

The danger of recession and shortage in gas has dissipated as declining energy prices and steady development of labor market in the EU3 will sustain European tourism this year as well.

From 2022, the challenges however are hoped to get carried forward this year too in regard to mounting jet fuel and food prices, for airlines and hospitality establishments – higher operating costs, and uncertainty revolving the war against Ukraine. On a firm footing, European tourism demand has entered this year. Year-to-date information shows that approximately one-third of reporting destinations have exceeded the levels of 2019 in terms of tourist arrivals, as one-fourth is a slight below 10%.

Serbia with 32% and Türkiye with 21% outperformed, in arrival terms, making the most from the arrival of travelers from Russia, profiting from the visa-free regime in both countries. Contrariwise, the absence of tourists from Russia is mostly felt in the Baltic States and Finland.

Also, Bulgaria witnessed a strong performance which, next to Türkiye, profits from its position as the best-value holiday destination.

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