Despite inflation and climate change, tourism is booming worldwide. Customers must continue to expect rising prices.
Tourists will have to prepare for high prices on their trips in the coming years. Demand for hotel stays or cruises, for example, is growing faster than ever before, reports the Hamburg-based credit insurer Allianz. The companies operating in the industry have significantly greater pricing power than in the past.
Globally, around 10 percent more people are likely to travel by plane, the study says. Due to the weak euro, Europe remains by far the most important destination for tourists worldwide. “Real savings interest rates are still low, so many are putting their money into long-distance travel. US citizens are also benefiting from a stronger dollar, which gives them more purchasing power abroad,” says Allianz Trade boss Milo Bogaerts, according to a statement.
Worldwide, hotel occupancy reached 68 percent in May, the highest level since the pandemic. The cruise business has also already recovered strongly in 2023 and will grow by a further 15 percent this year. The largest providers expect that summer 2024 will surpass summer 2019 in both passenger numbers and profits.
Allianz Trade study on global tourism
Source: Stern
