Publication date:
May 2023
Language:
English
EUROPEAN TOURISM PROVED RESILIENT IN 2022 DESPITE PERSISTENT HEADWINDS.
European tourism continues to regain lost ground during the pandemic as foreign tourist arrivals now sit 18% below 2019 levels for the full-year 2022. Despite concerns about increasing costs of living, consumers refused to cut back on travel, particularly over the year’s second half. Inflation peaked in the Eurozone and has since been slowing; however, it remains high, adding more pressure on households.
The risks of recession and gas shortages have dissipated, while falling energy prices and stable labour market developments in the EU will also sustain European tourism in 2023. The challenges from 2022, however, are expected to spill into 2023 in terms of elevated food and jet fuel prices, higher operating costs for airlines and hospitality establishments and risks and uncertainty around Russia’s war against Ukraine.
European tourism demand has entered 2023 on a firm footing. Year-to-date data indicates that almost one third of reporting destinations have surpassed 2019 levels of tourist arrivals, while one fourth are just 10% below.