Tourism: who spends the most on vacation

As it turns out, Americans spend the most money while in our country, Germans are more conservative in their holiday spending than other Europeans, and the British seem to be “nothing at all”, and who are expected to become “the protagonist” 2023 in terms of waste.

These findings are based on a review of INSETE’s report Tourist Behavior and Economic Conditions in Major Inbound Tourism Markets 2023.

After the Americans, whose expenses (per capita) in our country exceed 1,000 euros (1,101 euros), the Swiss follow with 879 euros, the Germans with 748 euros, the Austrians with 741 euros and the French round out the top five with 726 euros. The figures refer to 2022, although the question of how the total costs of travel, arrivals and, therefore, will fluctuate per capita spending this year is still open.

In any case, it is expected that the purchasing power of tourists will play an important role during their arrival in our country, according to INSETE.

As noted, a decisive role in the final result of arrival in 2023 is played by economic conditions prevailing in various countries and affecting the ability, as well as the mood / intention to travel:

1. European economies are projected to grow at a slower pace in 2023 compared to 2022 and also compared to previous European Commission forecasts (May 2022). The exceptions are the markets of the UK (-0.2%) and Sweden (-0.5%), where the European Commission forecasts a contraction in their GDP for 2023. We see a similar picture in the US market, where the European Commission predicts a contraction in GDP, a slowdown in the economy in 2023 due to higher interest rates, which will negatively affect business and consumer spending of US residents.
2. The energy and inflationary crisis, exacerbated by the war in Ukraine, is eating into the population’s disposable income. In particular, for the two main Greek markets (Germany and the UK with a 37% revenue share in 2022), inflation in Germany in April 2023 is 7.6% higher than the European average (7.0%) , which increases economic uncertainty and, as a result, the intention of German residents to travel. But Germans are more conservative in their travel spending than other Europeans during the crisis. On the contrary, on The willingness of British tourists to travel does not appear to be particularly affected by the current economic situation in the UK (0.2% decline in GDP in 2023, decline in GDP per capita) – instead, the number of advance bookings and seat scheduling indicate that tourists from the UK will “leave” a very “solid jackpot” in Greece.

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