ForwardKeys: Americans Return to Europe | Athens to the winners The other recovery in the Old Continent will continue in the 4th quarter
Europe’s travel sector is showing slow but steady signs of post-pandemic recovery, with the recovery continuing in the fourth quarter despite high inflation, recession, energy costs and the war in Ukraine. Istanbul, Lisbon and Madrid show strong results and benefit from the mass return of Americans, as does Athens.
ForwardKeys air ticket figures show significant improvement in the second half of the year. In Q3 international arrivals to Europe were down 29% compared to 2019 levels, an improving figure but still lacking in bookings compared to Africa, the Americas and the Middle East.
The recovery is mainly coming from urban destinations, this time, with ForwardKeys recording a gradual recovery in urban tourism, compared to 2019 levels, as we approach the end of the year, while sun and seaside destinations show stability in demand, except for October, when key outbound tourism markets such as Germany and the UK enjoy the flurry season, school holidays in southern European seaside resorts such as the Canary Islands for one last chance to soak up the sun.
Istanbul, Lisbon and Madrid are set to continue to attract international arrivals close to pre-pandemic levels beyond the summer season. Istanbul even shows evidence of growth, both in the third and fourth quarters. Istanbul’s strong performance is linked to the resilience of both long-haul and intra-European markets. “Boosted by a weak pound and excellent connectivity, Istanbul was again the best performing city in Q3 2022 and remains in the green in Q4 as bookings are now 6% up. from 2019 levels,” says Olivier Ponti, VP Insights at ForwardKeys.
Also, the current decline in the euro and rise in the dollar will attract the largest number of American travelers to Europe in the last quarter of the year.
Increased arrivals to Athens from the USA
The recovery for travel from the US to Europe in the third quarter was -6%, compared to 2019, with destinations such as Lisbon (+47%), Athens (+27%) and Milan (+12 ). %) show an increase, compared to pre-pandemic levels. Q4 sees further improvement for Lisbon as a destination for Americans at +50% over 2019 levels, currently driven by arrivals from San Francisco (+119%) and Washington and Miami (at +84% each).
Threats and Europeans in city tourism
With the ongoing conflict in Ukraine, rising airfares and the cost of living one can expect a few more bumps in the travel road to recovery. The question is whether airports will be able to cope with Christmas demand. The good news is that ForwardKeys figures show continued official activity across Europe in the fourth quarter. “The booking situation shows that there will be strong demand, but this could put airports and airlines under pressure again, as we saw happen in the summer,” says Mr Ponti.
In addition to the dynamism of transatlantic travel and the resilience of intra-European travel, the re-opening of key Asian markets is also cause for moderate optimism in the recovery of international travel to Europe.
“The recent lifting of travel restrictions in Hong Kong and Japan has made it easier for nationals in those countries to get back into international travel, and Europe is therefore set to benefit,” adds Mr Ponti.
Post Views:
3