2023-07-06 15:26:35
How total travel spending, arrivals, and therefore per capita spending will fluctuate this year remains to be seen
Americans spend the most per visitor in our country, Germans are more conservative in their travel expenses than other Europeans in times of crisis, while the British do not “understand” inflation and are expected to be the protagonist for 2023, in our country.
These conclusions derive from INSETE’s Market Outlook “Travel behavior and economic conditions in the main inbound tourism markets – 2023”.
After the Americans, whose per capita expenditure in the country exceeds 1,000 euros (1,101 euros), the Swiss follow with 879 euros, the Germans with 748 euros, the Austrians with 741 euros and the French complete the top five with 726 euros.
The figures refer to 2022, while how the total travel expenses, arrivals and therefore the per capita expenditure will fluctuate this year is still being asked. In any case, the purchasing power of tourists is expected to play an important role in the course of arrivals in our country as well, according to INSETE. As he points out, a decisive role for the final outcome of arrivals in 2023 is played by the economic conditions that prevail in the various countries and that affect the possibility but also the mood/intention to travel. Specifically:
– the economies of Europe in 2023 are predicted to develop at lower growth rates compared to 2022 and also compared to previous forecasts of the European Commission (May 2022). Exceptions are the markets of the United Kingdom (-0.2%) and Sweden (-0.5%) where the European Commission predicts a contraction of their GDP for 2023. We observe a similar picture in the American market, with the European Commission to predict a slowdown in the economy for 2023, due to higher interest rates which will negatively affect business and consumer spending by US residents;
-the energy and inflationary crisis, exacerbated by the war in Ukraine, is gnawing away at household disposable income. Specifically, regarding the two main markets of Greece (Germany and the United Kingdom with a 37% revenue share for 2022), inflation in Germany for April 2023 is at 7.6% higher than the European average (7 .0%) which increases economic uncertainty and by extension the intention of German residents to travel. But Germans are more conservative in their travel spending than other Europeans in times of crisis. In contrast, British tourists’ willingness to travel does not seem to be particularly affected by the current economic situation in the UK (-0.2% GDP decline in 2023, GDP per Capita decline) – instead the number of advance bookings and the planning of of airline seats, indicates that the UK market will be the star player for 2023.
Source in.gr
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