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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