Russia’s war in Ukraine, sanctions, and the fuel and financial crisis that has plagued Europe in response to sanctions could defeat Europeans’ desire to travel, experts from the Association of European Travel Agencies and Tour Operators (ECTAA) said. According to them, in many markets, especially in Germany, there is a significant decrease in the number of bookings, which led to “insecurity”.
“Consumers are reluctant to make new bookings,” ECTAA said. They also added that it is too early to make accurate forecasts for the upcoming season, but demand is no longer what they expected. Currently, the main reservations are made in Greece, which is about to open the tourist season, as well as in Spain and Croatia. The main tourist market is Germany, as well as Austria, Sweden and part of Eastern Europe. And on their part, the booking slowed down.
“Apart from the feeling of insecurity, the fall in bookings is also affected by rising travel prices, which will increase even more in the future,” experts say. In the second half of 2022, they forecast an increase in the cost of travel due to rising energy prices and rising commodity prices – and this is of particular concern. Including because rising prices “combined with declining purchasing power of travelers due to inflationary pressures” will further deter potential tourists from buying a tour.
It is estimated that the cost of travel in Europe will increase by at least 5-10%, and “long-distance” travel to the EU and with the EU will increase by at least 10%, but more. In general, we can say that the prices and condition of the wallet of tourists experts are much more concerned about security. In the survey, most ECTAA member associations put high energy prices at the forefront of their concerns, with 86.7% naming them; then there are longer and more expensive flights – 33.3%, as well as the fact that consumers will have less money to spend 66.7%.
To reduce losses, travel agencies and tour operators are now focused on promoting Europe as a safe destination for remote markets, experts say. They also call for measures to be taken again for tourism businesses.
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