Sunday, July 21, 2024 International tourism in Europe is poised to generate €800 billion in spending in 2024, a 37% increase compared to 2019 levels when spending reached €583 billion before the Covid-19 pandemic. The European Union is increasingly becoming a more affordable vacation destination for Americans due to its lag in productivity, GDP growth, and wealth creation compared to the United States. This affordability, coupled with an improved standard of living in the U.
S., has led to a significant influx of American tourists to Europe, significantly boosting the region’s tourism industry. Countries such as Lithuania, Portugal, Turkey, Latvia, Serbia, Poland, Sweden, and Greece have particularly benefited from this trend.
Recent data indicates that Portugal has emerged as the top destination for American tourists, with the number of arrivals doubling compared to 2019. Lithuania’s tourism data is notably influenced by the presence of American soldiers. While there has been a modest recovery in Asian tourists visiting Europe compared to 2019, most European countries have seen fewer arrivals from Chinese and Japanese tourists.
However, Spain, Serbia, Montenegro, and Turkey have experienced increased arrivals from these tourists, largely due to the resumption of direct flights. Spain, in particular, has seen improved performance due to the reinstatement of direct flights to China, now operating at 60% of 2019 levels. Tourist numbers in Europe increased by 6% in the second quarter of 2024.
A new trend has emerged, with international tourists seeking authentic and less-developed European destinations. Between 2019 and 2024, overnight stays surged by 86% in Albania, 48% in Serbia, 31% in Montenegro, 26% in Portugal, and 22% in Greece. Conversely, there was a decline of 15% in France, 12% in the United Kingdom, and 9% in Italy.
This diversification of tourism destinations within Europe is a positive development, particularly for locations that have struggled with over tourism. The trend of international tourists exploring a broader range of European destinations is a welcome change for popular spots like Mallorca, Venice, and Amsterdam. In 2024, Spain and Greece have experienced the most significant increases in international tourist spending, with a 25% rise, followed by Italy at 20% and France at 16%.
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