International tourism in Europe is expected to generate €800 billion in spending in 2024, a 37% increase from the levels seen in 2019. Before the Covid-19 pandemic, spending had reached €583 billion.
The European Union lags behind the United States' productivity, GDP growth, and wealth creation. As a result, Europe is becoming a more affordable vacation destination for Americans.
The improved standard of living in the United States, due to a more liberal economy, has led to a significant influx of American tourists to Europe. This has contributed significantly to the strong performance of European tourism. The increase in American visitors has been particularly notable in Lithuania, Portugal, Turkey, Latvia, Serbia, Poland, Sweden, and Greece.
The latest data shows that Portugal is now the top destination for American tourists, with the number of arrivals doubling compared to 2019. Meanwhile, Lithuania's tourism data is influenced by the presence of American soldiers. While there has been a minor recovery in Asian tourists visiting Europe compared to 2019, most European countries saw fewer arrivals from Chinese and Japanese tourists. However, Spain, Serbia, Montenegro, and Turkey experienced increased arrivals from these tourists due to factors such as the resumption of direct flights. Notably, Spain's performance improved due to the reinstatement of direct flights to China, which now operate at 60% of 2019 levels.
The number of tourists in Europe increased by 6% in the second quarter of 2024. A new trend is emerging as international tourists seek authentic or less-developed European destinations. Several European destinations have experienced an increase in tourism. Between 2019 and 2024, the number of overnight stays rose by 86% in Albania, 48% in Serbia, 31% in Montenegro, 26% in Portugal, and 22% in Greece. In contrast, there was a decrease of 15% in France, 12% in the United Kingdom, and 9% in Italy.
The diversification of tourism in Europe is a positive development, particularly for destinations that have long grappled with overtourism. The trend of international tourists exploring a wider range of European destinations is a welcome change for places like Mallorca, Venice, and Amsterdam.
This year, Spain and Greece have experienced the most significant increase in international tourist spending, at 25%, followed by Italy at 20% and France at 16%.
