According to a European Travel Commission (ETC) report, “European Tourism: Trends & Prospects,” for the second quarter of 2023, high consumer demand outweighs all other factors in Europe’s tourism recovery in the second quarter of 2023.
The report reveals U.S. travelers as tops in the long-haul market to Europe, with volumes of traffic edging up toward pre-pandemic numbers in mid-June. The report also shows that international tourism arrivals are 95% of 2019 levels. Miguel Sanz, ETC’s President, had this to offer about the report:
“It is encouraging to see the positive recovery of international tourist arrivals in the first half of 2023. With this in mind, European destinations must be prepared to effectively manage the increased demand and return of travelers.”
He went on to explain the need for addressing things like overcrowding and that tourism should be leveraged as a social, economic, and sustainable practice for good.
Travelers are still showing strong demand for travel despite certain economic woes. So, it comes as no surprise that price sensitivity will continue to benefit destinations offering more value for money. Recent data up to May shows that value-for-money destinations are performing well, with Serbia (+27%), Bulgaria (+21%), Montenegro (+12%), and Türkiye (+9%) among those leading the recovery.
U.S. travelers seem to be taking advantage of favorable exchange rates. High inflation and other factors will continue to make affordability a key factor for many of these tourists.
This ETC report paints a slightly dimmer picture for Q4 of 2023, but overall Q3 figures indicate industry recuperation seems to be strong despite a long list of factors.
Finally, this Mastercard report shows that tourist spending on experiences far outweighed the need for buying things in the first part of the year. The report shows clearly that people are in search of authentic travel experiences rather than frills and cliche vacations.