Could surging travel costs jeopardize Southern Europe’s crucial summer tourism season? While beach vacations remain the top preference for leisure travel, a notable 41% of European tourists anticipate spending over EUR1,500 on their summer getaways, an increase from last year’s 33%. Nonetheless, it’s worth noting that an average one-week beach holiday in Southern Europe remains more budget-friendly compared to destinations like the Caribbean, Australia, and the US, and is comparable in cost to many premium locations in Latin America, Africa, and South-East Asia. Interestingly, the higher prices don’t seem to be discouraging holiday plans, as Revenue per Passenger Kilometer (RPK) for European trips already reached 92% of the 2019 levels in the first quarter of 2023, and air ticket sales volumes for May to September have also reached 91% of the 2019 summer levels.
Learn more here: https://www.allianz.com/en/economic_research/publications/specials_fmo/european-tourism.html
