Europe tourism boom: A record $880 billion spending projected for 2024
According to the latest report by the European Travel Commission (ETC), tourist spending in Europe could reach a record high of $880 billion in 2024. That's 37% more than pre-pandemic levels when spending amounted to $642 billion. The report also points to a 6% increase in foreign tourist arrivals compared to 2019.
2:12 PM EDT, July 11, 2024
As highlighted in the ETC report for the second quarter of 2024, which was made available to Bloomberg, the popularity of European tourism is growing. The authors of the report state that tourists eager for relaxation are undeterred by record summer temperatures, high prices of luxury hotels, or even overcrowded tourist spots.
Eduardo Santander, Executive Director of the European Travel Commission, expressed his enthusiasm in a statement to Bloomberg, claiming that southern European and Mediterranean destinations remain favorite spots for European travelers. For tourists, the most important factors are warm weather and a favorable quality-to-price ratio, and the south of Europe meets these criteria.
The report also indicates that 72% of the record tourist spending occurs in Western Europe. The data shows that Americans are the main driving force behind this year's European tourism boom. Additionally, the revenue increase is due to the return of East Asian tourists, especially from China.
New trends in European tourism
The ETC report highlights changing patterns in European tourism. More and more tourists choose destinations with a moderate climate and less popularity. This trend has led to a significant increase in the number of foreign overnight stays in countries such as Denmark (38% increase), Norway (18% increase), and Sweden (9% increase) compared to 2019.
The report's authors also note the growing popularity of lesser-known or less crowded destinations in southern Europe. The number of foreign tourist arrivals in Croatia increased by 7.6% and in Malta by 37% compared to 2019 levels. Albania recorded an impressive 86% increase in tourist overnight stays compared to 2019.
The report emphasizes that countries offering a favorable exchange rate are also gaining popularity. This includes Bulgaria (a 29% increase), Serbia (40%), and Turkey (22%).
