European hotel industry shows recovery: Amex
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The European hotel industry is showing steady signs of growth, although it is yet to recover to pre-downturn levels, according to data released by American Express Business Insights, the data analytics and consulting arm of American Express. Overall hotel spending in Europe grew 7% in 2010, with a further 4% growth in the first quarter of this year. Growth has been driven by tourists from outside of Europe returning to the region, increased spending in luxury hotels and a rebound in business travel. Generation Y travellers, those in their 20s, have proven to be particularly resilient. They largely defied the downturn and are showing a clear appetite for luxury spending.The UK hotel sector led spending growth in Europe in 2010, growing at a healthy 10%, followed by France (7%) and Germany (4%). None of the markets has returned to pre-downturn levels. However, the UK, France and Germany are almost back to 2008 spending levels. While Spain (8%) and Italy (4%) also grew in 2010, they were hit harder by the downturn and have further to go before they recover to 2008 levels.
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