Improved hotel bookings and increased tax-free shopping and air traffic show that tourists are returning to Europe after recent security fears.
Tourists are returning to Europe with that rebound evidenced by improved hotel bookings, tax-free shopping and air traffic.
Security fears after attacks in Paris in 2015 and in Nice last July slammed French visitor numbers, but the latest government statistics show they rose in the final three months of last year.
Particularly noticeable is an influx of visitors from countries like China, Brazil and Russia to continental Europe.
“International travel both to and from emerging markets has been growing, while average spend per trip has also been increasing. For hotels, the revenue per available room has improved in Europe and the UK,” said Jeff Meys, head of optimised portfolio strategies at NN Investment Partners.
Tax-deductible shopping in Europe, a measure of tourist spending, increased 21 percent in January, up for the second straight month after a year of decline figures from Global Blue, a tourism tax refund company, showed.
Airlines report more passengers travelling into and within Europe and Eurotunnel recently announced a doubling of net profits for 2016.
Britain’s Brexit benefit
The weaker pound since Britain’s Brexit vote has boosted UK tourism. The pound has fallen 11 percent against the euro and 17 percent against the US dollar since Britain voted to leave the European Union in June.
Merlin Entertainments, which runs London’s Madame Tussauds waxworks and more than 100 other attractions, reported a jump in visitors from the EU in November and December
Luxury goods makers Prada, LVMH and Hugo Boss all cited higher tourist spending and more shoppers from Asia in their improved earnings.