Europe Expects Bumper Year for MICE Travel According to MMGY Global’s Latest Portrait of European Meeting and Convention Travel Report
Each of Europe’s key hotel markets saw year-over-year improvement and their highest 2023 levels in gross operating profit per available room (GOPPAR), according to CoStar’s June 2023 P&L data release.
The European hotel and accommodation sector is preparing for a historic year. Economic sentiment among European hoteliers is in many places exuberant, reflecting two consecutive 6-month periods of strong growth in occupancy and average daily prices as well as a positive outlook for the future. In fact, nearly half of European accommodation businesses expect 2023 to be the year of the highest revenue in the history of their establishment.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) reveals the EU Travel & Tourism sector is forecast to reach 98% of the 2019 peak.
Independent properties score worse across a large number of metrics, including business sentiment, occupancy, as well as average daily rate development.
Select Europe markets, GOPPAR indexed to 2019, USD CC
Sector’s GDP contribution to London’s economy tripled in the last year - Paris’s Travel & Tourism GDP contribution has almost recovered to pre-pandemic levels
Rising energy costs and ongoing macroeconomic uncertainty are two of the biggest concerns shared by businesses across Europe.
The travel sector in Europe is slowly but surely showing signs of recovery in the post-pandemic with Istanbul, Lisbon, and Madrid showing strong results. And the best news? Travel recovery across Europe is set to continue in Q4 despite all the doom and gloom in the news about inflation, recession, oil prices and the war in Ukraine.