Foreign tourist arrivals and nights exceed 2019 levels in the first quarter of 2024 - Sporting events, high travel demand and inflation to drive tourist expenditure to record levels
The latest Eurostat data reveals that the 2023 figures not only surpassed those of 2022 but also exceeded the pre-pandemic levels of 2019 by 1.6%.
While Southern Europe posted the best hotel performances in October, the trend seems to be reversing in November. The first signs of the end-of-year festivities are benefiting the countries of Northern and Eastern Europe, which are world-famous for their ambience, while the warmer countries continue to attract sun-starved tourists.
Europe Expects Bumper Year for MICE Travel According to MMGY Global’s Latest Portrait of European Meeting and Convention Travel Report
Each of Europe’s key hotel markets saw year-over-year improvement and their highest 2023 levels in gross operating profit per available room (GOPPAR), according to CoStar’s June 2023 P&L data release.
The European hotel and accommodation sector is preparing for a historic year. Economic sentiment among European hoteliers is in many places exuberant, reflecting two consecutive 6-month periods of strong growth in occupancy and average daily prices as well as a positive outlook for the future. In fact, nearly half of European accommodation businesses expect 2023 to be the year of the highest revenue in the history of their establishment.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) reveals the EU Travel & Tourism sector is forecast to reach 98% of the 2019 peak.
Independent properties score worse across a large number of metrics, including business sentiment, occupancy, as well as average daily rate development.
Select Europe markets, GOPPAR indexed to 2019, USD CC