2022 EU package holiday sales reach $117bn, driven by cost-of-living crisis and fixed-price appeal.
Package holidays in Europe are surging in popularity, reaching an estimated $117 billion in sales this year, driven by rising hotel and flight costs and the quest for all-inclusive deals. The cost-of-living crisis, transport disruptions, and strikes have bolstered the appeal of fixed-price package holidays among travelers, especially Britons and Germans. The trend is expected to continue in 2023, with a new peak of $125.9 billion, according to Euromonitor. This resurgence has helped companies like TUI, Europe's largest tour operator, report better-than-expected quarterly results. Package holiday sales are projected to grow at a 3.5% CAGR between 2024 and 2029, surpassing the pre-pandemic growth rate of 1.3% between 2014 and 2019.
August 19, 2024
3 Articles