ETC: Europe Travel Spending to Hit New Highs in 2024

The European Travel Commission (ETC), which represents Europe’s national tourism organizations, is forecasting a 14.3 percent increase in traveler spending in Europe this year compared to 2023.

According to the ETC’s “European Tourism Trends & Prospects” quarterly report, travelers are set to spend 742.8 billion euros in Europe this year as travel intent grows in 2024 driven in large part by major sporting events such as the Paris Olympics (France) and the UEFA Euro 2024 (Germany).

Indicative of the demand, inbound traveler spending for the Olympics is projected to grow by 13 percent for Paris and 24 percent for all of France compared to 2019 levels.

“Consumer travel spending is set to rise notably across Europe, hitting record numbers in the coming months. This boost will support the travel and tourism businesses heavily impacted by the pandemic years and ongoing economic instability,” said ETC President Miguel Sanz.

Photo source: ETC

At the same time, vacationers are opting for longer stays or more diverse experiences. ETC analysts expect German travelers to generate 16 percent of total spend in Europe in 2024.

According to the same report, international arrivals to Europe increased by 7.2 percent in the first quarter (Q1) of the year and number of overnights by 6.5 percent surpassed 2019 levels driven by strong intra-regional travel from Germany, France, Italy, and the Netherlands coupled with demand from the US, which continues to be Europe’s most important long-haul source market.

Based on ETC data, Southern European destinations are leading the recovery with visitor numbers in Serbia up by 47 percent over 2019 levels, Bulgaria (+39 percent), Turkey (+35 percent), Malta (+35 percent), Portugal (+17 percent), and Spain (+14 percent).

Photo source: ETC

Analysts attribute the positive performance to competitively priced holiday experiences and milder winter temperatures.

“The early figures for 2024 reveal a positive outlook for European tourism this year,” said Sanz, who went on to warn however that “high prices and geopolitical risks remain key hurdles for tourism, as the sector as a whole also strives to adopt more responsible practices to benefit the locals and preserve the environment.”