Seeking European arrivals? Outbound market may see growth slowing in 2018, but the 2019 outlook is ‘positive’
While most eyes are on Asia, Europe remains a major outbound market and continues its steady growth despite recent geopolitical instability worldwide, which studies show doesn’t deter European travellers, but influences their choice of destination. While many travellers will remain in the Continent, market trends are valuable for destinations across the globe.
European outbound tourism is a key component of the travel industry in Europe and an important market for tourist destinations worldwide. Approximately 26% of the EU population participates in tourism outside their home country at least once each year, reflecting many Europeans’ appetite for international travel. In 2017, spending on outbound travel in Europe was estimated to value EUR450 billion and is predicted to continue increasing over the next ten years, growing to an estimated EUR507 billion in 2018 and up to EUR615 billion by 2028.
It is clear 2017 was a strong year for the European outbound market, with annual growth more than doubling from +3% in 2016 to +7%. This year’s current performance for the first eight months of 2018 is up +5% year-on-year, while a softening of growth on last year, it still represents a strong performance.
According to the IPK World Travel Monitor, which covers more than 90 per cent of global outbound travel, it is actually Poland that is the fastest growing European outbound source market for international travel, reporting a +10% growth year-on-year. Also Swedes and Russians undertook more trips this year, while the Italian, German and Austrian markets registered solid growth too. On the flip side, figures for Switzerland, Denmark and the United Kingdom were below average by comparison.
READ MORE via The Blue Swan Daily: Seeking European arrivals? Outbound market may see growth slowing in 2018, but the 2019 outlook is ‘positive’