Eurozone tourism to enjoy a strong year despite high inflation
Despite headwinds to the eurozone economy, the tourism sector continues to shine bright. Our high-frequency Tourism Tracker suggests overnight stays in May have recovered to pre-pandemic levels, pointing to a strong high season that should add a sizeable boost to tourism-oriented southern economies. This brings some upside to an otherwise negative risk skew in the eurozone.
What you will learn:
- For now, pent-up demand for travel among households after two years of pandemic seems to be trumping the cost-of-living crisis, tallying with our expectation of a rotation in spending away from goods to services in 2022.
- But while tourism is doing well, high-frequency data also point to slowing demand for other services.
- Combined with the downbeat consumer sentiment, this suggests households are prioritising holiday spending at the expense of other expenditure.
European Macro Service
A complete service to help executives track, analyse and react to macro events and future trends for the European region.Find Out More
Global Travel Service
Detailed travel and tourism market trends and forecasts for 185 countries globally.Find Out More
Global Macro Service
Monitor macro events and their potential impact.Find Out More