Statista trend report on European luxury tourism and the impact of COVID-19, with future outlooks
Travelers from around the world have been attracted by Europe but the corona pandemic has made travel difficult. As a result, Europe’s internal tourism revenue is estimated to have dropped by 63 percent in 2020, amounting to 686 billion U.S. dollars.
Luxury tourism, the industry designed to satisfy the lavish travel expectations of high net worth individuals, is also believed to have been hit hard by the pandemic. Nevertheless, the estimated revenue for luxury tourism was 138 billion U.S. dollars in 2020, making up for over 20 percent of Europe's overall tourism.
After an introduction into the current situation and future outlooks of the tourism industry, this report presents the effects the pandemic is expected to have on the European luxury tourism market, with a special focus on the ten most trending European luxury travel destinations and a forecast for 2024.
For an overview on global luxury travel and tourism, download our Luxury travel and tourism amid the pandemic report.
In this study, luxury tourism was defined as all acquisitions of consumer goods, services, and valuables for and during trips by individuals who have a net asset of over one million U.S. dollars. With a complex analysis that takes data on overall tourism and such high-net-worth individuals into consideration, this report gives valuable insight into the luxury tourism industry of Europe.
To provide country-specific data as well, the most significant luxury travel destinations before the pandemic in Europe have been identified. These trending destinations had the highest internal luxury tourism revenues in Europe in 2019. Thus, this research provides detailed information on the luxury tourism industry of Austria, France, Germany, Italy, Spain, Sweden, Switzerland, the Russian Federation, the United Kingdom, and Turkey. As a result of the pandemic, Germany was the leading market in 2020, followed by France.
This report also breaks down luxury tourism into domestic and international inbound. The statistics reveal the impact of the corona pandemic on the luxury tourism markets of these countries and the most predominant trends. Austria’s luxury market is believed to have seen the strongest hit in 2020, but with a CAGR of 37 percent, it is also expected to grow most rapidly between 2020 and 2024.
Tourism and its influence on the economy
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