RateGain’s PULSE powered by Adara suggests: European Travel Market to Witness Remarkable Recovery in 2023, Projected to match the Pre-pandemic Levels by the End of This Year
Source: Adara, A RateGain Company
Source: Adara, A RateGain Company
New Delhi - RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, through Adara’s latest Pulse report , shared that the European travel market has experienced a remarkable recovery in the first quarter of 2023, showing promising signs of growth. Analyzing Adara’s travel-intent data, one of the world’s largest travel data platforms, the report highlights that the European market is projected to expand rapidly this year, with a strong likelihood of reaching pre-pandemic levels by the end of 2023. Moreover, several popular European destinations have already surpassed their pre-COVID travel figures, showcasing a resilient rebound in the tourism sector. The resurgence of domestic and regional travel, coupled with a steady demand for leisure activities, has been pivotal in driving the growth of the European travel market. Notably, the United States has played a significant role in boosting intercontinental leisure travel bookings to Europe, benefiting from a robust purchasing power bolstered by a strong USD. Another encouraging development is the recovery of business travel, as companies eagerly resume face-to-face meetings and rebuild client relationships. This renewed emphasis on corporate travel has generated a sharp increase in demand for business trips, particularly in major European cities. While the recovery is impressive, the European travel market still faces challenges, including weak demand for long-haul travel from the APAC market, shortened length of stay, and inflationary issues. The post-pandemic landscape has also led to shifts in traveler preferences and demands. To optimize visitor experiences and target more profitable markets and segments, businesses must remain agile and responsive to evolving consumer needs. Travel Trends: Where are people traveling? Most-visited Countries (By International Arrivals)Key Findings:
RateGain’s PULSE powered by Adara suggests: European Travel Market to Witness Remarkable Recovery in 2023, Projected to match the Pre-pandemic Levels by the End of This Year
Source: Adara, A RateGain Company
Portugal has made a remarkable ascent in the rankings and emerged as the top-ranked destination in Europe for summer 2023, surpassing previous leaders. This remarkable achievement can be attributed to its growing economic viability and appeal to travelers.
Spain, which was previously a leading destination, has now been overtaken by Portugal and has slipped to second place. Italy maintains a strong position, securing the third spot on the list, indicating its enduring allure for tourists in the post-pandemic years.
The United Kingdom has experienced a surge in flight bookings since the COVID-19 period and now ranks fourth in 2023, reflecting a renewed interest in travel to the U.K. Meanwhile, France, the most popular destination year-round, holds the fifth position this summer, as Portugal and the United Kingdom make significant strides in international flight bookings, showcasing the dynamic nature of travel trends in Europe.
As the European travel market continues its path to recovery, stakeholders in the industry must adapt to changing circumstances and evolving traveler demands. By capitalizing on these trends and insights, businesses can optimize their strategies and contribute to a resilient and prosperous tourism sector.
Adara’s travel-intent data platform and solutions, powered by over 270+ brands with over 24 billion data elements and 1.5 billion digital identities, is used by leading airlines, hotel chains, tourism organizations, OTAs as well as luxury retailers to segment their audiences better and drive higher ROI on their marketing spends.
To request a custom report for your region, please visit Adara’s Customer Intelligence Center.
RateGain Travel Technologies Limited is a global provider of AI-powered SaaS solutions for travel and hospitality that works with 3,200+ customers and 700+ partners in 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion. RateGain today is one of the world's largest processors of electronic transactions, price points, and travel intent data helping revenue management, distribution and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises and ferries drive better outcomes for their business. Founded in 2004 and headquartered in India, today RateGain works with 26 of the Top 30 Hotel Chains, 25 of the Top 30 Online Travel Agents, 3 of the Top 4 Airlines, and all the top car rentals, including 16 Global Fortune 500 companies in unlocking new revenue every day. For more information, please visit www.rategain.com.
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