Saturday, June 15, 2024

Spending rises in Europe IPSOS report finds

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Tourism in Europe and the Middle East is expected to grow in 2024, with many travelers planning to maintain or increase their budgets despite economic uncertainties, according to new IPSOS report.

Tourism in Europe and the Middle East is poised to grow in 2024, with 65% of travelers planning to maintain or increase their budgets, according to an IPSOS report.

The report highlights several key trends shaping travelers’ plans for the summer. Firstly, despite economic uncertainties, the majority of travelers intend to either sustain or boost their spending on travel. Notably, over half of UAE travelers expect to spend more.

In specific countries, 62% of UK travelers, 73% in Germany, 62% in Spain, and 52% in France plan to maintain or increase their travel budgets. Additionally, 8% of respondents are gearing up for a “trip of a lifetime” in 2024.

Weather is a critical decision factor for travelers, ranking second in importance (50%) and influencing more than transportation costs (42%) and available experiences at destinations (42%). In Germany, 61% of consumers consider weather important, while 45% of French, 47% of British, and about 48% of Spanish and Emirati travelers do the same.

Another trend from the IPSOS report indicates a significant interest in taking a break from the hectic pace of daily work life. Adventure is on some travelers’ agendas, but the majority (42%) prioritize relaxation. This is particularly true for 45% of French, 41% of British, and 52% of German travelers.

Domestic travel is also a major trend for 2024, with three-quarters of Spanish travelers planning leisure trips within Spain. This trend is echoed in France (75%), the UK (73%), the UAE (68%), and Germany (63%).

Cost remains a crucial factor, with 42% of respondents considering transportation expenses significant, especially accommodation costs, which are a particular concern for 61% of Spanish travelers.

Moreover, while there is a strong interest in domestic travel, over half (55%) of the region’s consumers also plan to travel abroad, and 35% aim to visit new destinations. French and British travelers are particularly keen on exploring new locations, with 43% and 42%, respectively, seeking new experiences.

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

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