Sector’s GDP contribution to London’s economy tripled in the last year - Paris’s Travel & Tourism GDP contribution has almost recovered to pre-pandemic levels
Rising energy costs and ongoing macroeconomic uncertainty are two of the biggest concerns shared by businesses across Europe.
The travel sector in Europe is slowly but surely showing signs of recovery in the post-pandemic with Istanbul, Lisbon, and Madrid showing strong results. And the best news? Travel recovery across Europe is set to continue in Q4 despite all the doom and gloom in the news about inflation, recession, oil prices and the war in Ukraine.
Several of Europe’s largest hotel markets, led by Berlin, surpassed their 2019 levels in gross operating profit per available room (GOPPAR), according to STR‘s July 2022 P&L data release.
In this analysis from STR, both forward-looking and historical data show that music is good for the hotel industry - especially when icons such as Bruce Springsteen, Ed Sheeran, Elton John, and Westlife come to town.
Travel agency segment forecasted to be worst hit by a 30% shortfall of workers
The UEFA Women’s European Championships is set to shine a light on less-known regions that are hosting games, such as Yorkshire and the Humber, and Rotherham in particular. Visitation to this area for the games could create a significant economic impact, while improving destination image, found GlobalData.
Travel & Tourism’s GDP expected to grow more than twice rate of the overall economy for the next 10 years
Sector expected to grow at double the rate of the overall economy over next 10 years
After two consecutive months with negative levels, due largely to the impacts of the omicron variant, Paris posted a March GOPPAR of US$117.26.