The Eastern Europe Affordable Resorts Market is estimated to reach USD 900 Million in 2022. As per the report, sales are forecast to increase at a robust 4% CAGR, with the market valuation reaching USD 1332 Million by 2032.
| Attribute | Details |
|---|---|
| Eastern Europe Affordable Resorts Market Estimated Size (2022) | USD 900 Million |
| Eastern Europe Affordable Resorts Market Projected Size (2032) | USD 1332 Million |
| Eastern Europe Affordable Resorts Market Value-based CAGR (2022 to 2032) | 4% |
Europe is the most visited country by tourists and accounts for the largest tourism market throughout the globe. Europe has a great diversity in its culture, historical heritage, spectacular landscapes, and amazing cuisine which is supplemented by a friendly atmosphere encouraged by the locals throughout Europe. While most of the attention is captured by Western Europe consisting of countries like France, Spain, Italy, etc., Eastern Europe has also started gaining the attention of the tourists who look for a relatively affordable tour and also the tourists who are willing to explore new destinations of Europe by taking the less traveled roads.
Initially, most regions of Eastern Europe were locked to other parts of the world due to the ongoing cold war. However, all the countries included in this part have grown to be fully democratic and are considered to be developed nations of Europe. As a result, these countries are gaining a tremendous amount of tourist attraction and which has laid the foundation for many affordable resorts in this region.
Czech Republic, Hungary, Slovakia, Serbia, and Romania, some of the famous regions in Eastern Europe have shown a huge rise in the number of tourists visiting these places. This trend is expected to continue in the coming years with the addition of more Eastern European nations to the list.
There are many dark destinations in Eastern Europe that interests dark travellers throughout the world because of their linkage with historical events such as the world war, the cold war, etc. The communist pasts of central and eastern European nations fascinate many travellers, especially those from western democracies. The desire of many locals to separate themselves from and forget their painful pasts combines with their want to see, absorb, and experience the vestiges of life behind the “Iron Curtain”.
The demand for economic gain obtained from commercialising communist relics is ironically entangled with the wish of the locals to forget their collectively traumatic history in many eastern European nations like Bulgaria, Romania, Hungary, the Czech Republic, and Poland. This provides an upper hand to the eastern European affordable resorts market by increasing the number of tourists travelling its territory, looking for cheap but cheerful accommodations to balance their encounters with the dark destinations.
Eastern Europe has started to rise as the new travel destination for history enthusiasts who tend to spend less for their accommodation. Tourists are visiting Eastern Europe on high levels. This has started a competition among the top players to attract more number of tourists to their resorts. As a result, these players are coming up with new and exciting offers to interest more number of travellers.
They are providing amazing discounts for offers on longer stays, frequent travellers, early bookings, summer vacations, etc. while they also have offers for focused categories of travellers and age groups which include government and military discounts, senior citizen discounts and student discounts. This has helped in attracting more tourists and enhancing the Eastern European affordable resort market.
There are a lot of activities that a tourist adds to his/her itinerary while planning their tour. Skiing is one of the most enjoyed activities in the European region in the extremely cold span from December to February. Skiing in Western Europe is considered too expensive by most European tourists. However, the resorts in Eastern Europe have come up with package deals that include a few days of skiing to satisfy the desire of skiing tourists at reasonable prices.
These affordable resorts have also hosted many international skiing events which have improved the quality of service through the use of enhanced facilities for skiing. This has proved to captivate tourists with these exciting skiing offers.
Travelers are unsure about safety while visiting Ukraine and neighboring countries
The conflict between Ukraine and Russia has impacted the Eastern European tourism sector to a great extent. Even nations without a border with Ukraine are being impacted by the crisis. This has caused Krakow, Poland, bookings for the summer of 2022 to drop by 60%. Bookings to Riga in Latvia, and Budapest in Hungary, both declined by 39% and by 45%, respectively.
According to data from the Hungarian Tourism Agency, international visitors to the nation declined by 37% in the initial phase of 2022 compared to 2019. USA citizens are down 65%. It has observed an increase in the numbers and has a view that a 10% decline by year's end will be seen. According to data from its tourist board, Slovakia, which shares its borders with western Ukraine, saw a 49% decline in foreign visitors from 2018 to 2019.
It's interesting to note that tourism is rising in two of the nearby nations. Moldova, which borders Ukraine, welcomed 36,100 non-resident tourists in the first quarter of 2022 compared to 31,000 in 2019 before the pandemic. Even Poland saw a 20% increase in USA visitors despite a 25% decline in overall tourism from February to May 2022.
Romanians are focusing on the development of their wine
The country produces wine very differently and has a very different approach toward winemaking, which should benefit its booming tourism sector. Although there aren't many international visitors, the wine industry is developing nonetheless. Wine production is becoming cleaner, and many wine regions are now prepared to receive visitors.
The fact that producers are emphasizing premium wines made from regional grape types is another positive. The improvement of the nation's wine quality has also been boosted by an infusion of foreign chefs and sommeliers. The country's wine sector may have a bright future if it can get its wines in front of prominent wine experts which is expected to boost the tourism sector in Romania.
Online Booking is More Preferred by Tourists
Online mode of booking is the most preferred booking channel among tourists and is expected to grow in the coming times. Tourists looking for affordable resorts often opt for online booking as they provide a variety of offers and discounts on several bases such as pre-booking, group bookings, etc. Also, the internet is being used to a great extent in recent times which provides the convenience of booking to travelers.
The popularity among Youngsters Will Remain High
Travelers from the age group of 26-35 are more likely to opt for the affordable resorts in Europe as this group is interested in exploring and taking unexplored paths without taking a massive hit to their pockets. While the activities like skiing are something that interests and is practiced majorly by youngsters.
Group Tour Type is More Preferred by Tourists
The tour providers or the top players in Eastern European resorts provide exciting offers on group bookings. While tourists wanting affordable resorts are often looking for offers and discounts. As a result, tourists prefer traveling with a tour group to take advantage of the added benefits.
The top players in the affordable resort market in Eastern Europe are coming up with new strategies and improving their offerings by providing great deals. They also include various activities such as skiing in their packages to attract more and more tourists.
For instance:
Atrium Palace is offering package deals that are transferable in case of changes in the dates of the tourists. While they have also included rental cars in some of the packages for the convenience of travelers while exploring Eastern Europe.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Region Covered | Eastern Europe |
| Key Countries Covered | Czech Republic, Poland, Hungary, Slovakia, Romania, Bulgaria, Moldova, Ukraine, Belarus, and Russia |
| Key Segments Covered | Destinations, Booking Channel, Tourist Type, Tour Type, Age Group, and Region. |
| Key Companies Profiled | Accor; Best Western; Intercontinental Hotels & Resorts; Groupe Du Louvre; Carlson Rezidor Hotel Group; NH Hotels; Atrium Palace; Concorde Deluxe Resort; Village Heights Resort; Seven Seas Hotel; Michelangelo Resort; Aurora Resort |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Eastern Europe Affordable Resorts market is expected to reach a valuation of USD 900 Million in 2022.
Growing popularity of eastern European countries and tourists wanting to explore new places in Europe by taking advantage of the offers provided by tour providers and resorts which include exciting offers.
The leading players in the Eastern European Affordable Resorts market are Accor, Best Western, Intercontinental Hotels & Resorts, Groupe Du Louvre, Carlson Rezidor Hotel Group, NH Hotels, seven seas hotels, and Michelangelo Resorts among others.
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Eastern Europe Affordable Resorts Market
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