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Insight of the Day: Can tourism save European luxury?

Strong Tourism Momentum in Europe:

  • Despite the war in Ukraine and ongoing travel restrictions, global tourism has shown significant growth since January 2022.

  • Two regions that have performed well are Europe and the Americas.

  • While these regions haven’t fully reached pre-pandemic levels, the second quarter of 2022 looks promising for international travel, especially to summer destinations like the Caribbean and Latin America. Europe’s Attractiveness for Tourists:

  • France remains a sought-after destination for tourists, particularly Americans, Belgians, Italians, and Spaniards.

  • Other popular European destinations include Spain, Portugal, Greece, and Iceland.

  • The recovery of tourism in Europe is notably driven by Americans, with a 27% increase in travel compared to the same period in 2019. Luxury Tourism and Its Impact:

In summary, Europe’s resurgence in tourism, driven by Americans, has significantly benefited the luxury sector. As travelers return, luxury spending is on the rise, making Europe an attractive destination for discerning tourists

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