European Union Tourism Spend Analytics: Analysis & Forecast to 2025 Overview
Tourism is one of the most important sectors of the European economy. It is key for the economic development of the region and is bringing in continued prosperity and growth in the European Union. As per the available governmental data, tourism is the third most important socioeconomic activity in the EU, generating more than 5% of the GDP of the European economy and employing 5.2% of the total workforce in the region.
European Union Tourism Spend Analytics: Drivers and Restraints
Europe is one of the most famous tourist destinations in the world. A rich cultural heritage, vibrant cities, developed and advanced economies and a robust tourist infrastructure are some of the major factors that contribute to the growth of tourism in the European Union. Besides, as tourism is one of the major sectors of the European Union economy, there is a considerable government spending and interest to promote and develop tourism, both domestic and international, in the region. However, there are lots of external challenges that the region faces to continue to be at the number one spot for tourists in the world. This major external factor is terrorism, and the recent terrorist attacks in France and Belgium have adversely affected tourist inflows in the European Union. However, with rising economic prosperity in the world and rising disposable income, there is bound to be an increase in the tourism sector, with Europe benefiting the most.
European Union Tourism Spend Analytics: Key Statistics
As per the data provided by the World Travel and Tourism Council, in the year 2014, the direct contribution of travel and tourism to the GDP in the European Union was US$ 669.9 Bn, which comprised 3.6% of the total European Union GDP. This is forecasted to rise by 2.7% per annum from 2015-2025, reaching a value of US$ 898.7 Bn in the year 2025 that is projected to be 4.0% of the total GDP of the European Union. As per the figures given by the World Travel and Tourism Council, visitor exports to the European Union gave a rise to the value of US$ 466.5 Bn in the year 2014, which was 5.9% of the total share of exports of the European Union. This is forecasted to grow at the rate of 3.6% per annum from the forecast period of 2015-2025, reaching a value of US$ 689.4 Bn in the year 2025, comprising a total of 6% of the total share of exports. Visitor exports is defined as money spent by foreign tourists in a particular country or region and is a key component of direct contribution of travel and tourism to the economy. By the year 2025, international tourists’ arrivals are forecasted to be around 611,952,000 in the European Union.
As per the World Travel and Tourism Council data, in the European Union, leisure travel spending of inbound and domestic tourists gave rise to 77.2% of direct travel and tourism GDP in the year 2014, which amounted to US$ 1,145.5 Bn. On the other hand, business travel spending in the European Union accounted for 22.8% of direct travel and tourism GDP in 2014, valuing US$ 339.0 Bn. The leisure travel segment is poised to rise by 2.7% per annum reaching a value of US$ 1,530.8 Bn in the year 2025. The business travel segment is poised to rise by 2.5% per annum to reach a figure of US$ 444.9 Bn in the year 2025.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
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- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
European Union Tourism Spend Analytics Forecast
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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