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Tourism is recovering but faces many headwinds in 2023

Monday, December 5, 2022

Significance

However, despite this relief in 2022, significant challenges lie ahead: energy issues, inflationary pressures, an US appreciating dollar, staff shortages and geopolitical risks could delay full recovery.

Impacts

  • Arrivals and receipts in Europe are approaching 2019 levels; ‘revenge tourism’ is helping the sector to make up for 2020 and 2021.
  • Higher food and energy costs will reduce the disposable incomes of European households and discretionary spending will suffer.
  • ‘Staycations’ and domestic European tourism will increase.
  • Authorities may introduce measures to support tourism from Northern to Southern Europe to avert possible economic crisis in Southern Europe.

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