Luxury tourism is booming in Italy

Italy is one of the most popular countries in the world, which is why tourism is also one of the main engines of the Italian economy, accounting for 13% of the country’s GDP. In particular, the luxury tourism segment in Italy is showing impressive results, with a current capacity of 25 billion euros.

However, 25 billion euros could grow from 60 to 100 billion, or 3% of GDP, if all direct and indirect costs and consumption are taken into account, as well as the overall positive impact on certain regions.

Experts confirm the importance of the sector

“Luxury tourism in Italy has a natural tendency towards an international development vector. Just imagine that it is foreigners who bring 80% of the sector’s income, ”said Massimo Garavaglia, Italy’s Minister of Tourism.

“The government has allocated a significant number of national and international funds for the modernization of the segment, including from the point of view of sustainable development,” the minister added.

Experts point out that luxury travelers spend nine times more than the average. It is also noted that the development of the sector can lead to the exponential growth of related industries and become a strategic lever for the growth of the Italian economy.

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It is important to emphasize the size of this market, but above all the exceptional multiplier ability that the sector has not only in terms of benefits for economic growth, but also for the country’s reputation. Many of the high-spending tourists are opinion leaders and become trendsetters towards Italy in their countries.

Most wanted, but not the most visited

It is estimated that Italy is the most desirable country among the “elite tourists”, but not the most visited. For example France and Great Britain are ahead. Consequently, the development potential of the segment of wealthy travelers is many times greater than at present.

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Today Italy receives only three out of ten wealthy tourists. Experts believe that a strategic plan for the sector’s development is needed.

It should be noted that about 80% of Chinese millionaire tourists have never been to the Italian peninsula. Moreover, the Italian elite tourists who now take overseas destinations (1-3 million trips a year) may also be partially involved.

Thus, the quality of luxury tourism in Italy is undeniable, as is its potential. However, the country now has to work a lot with the tools at its disposal to develop the competitiveness of the sector for many years to come.

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