Europe’s tourism industry is experiencing a robust recovery in the first months of 2024. Based on data from reporting destinations, foreign arrivals (+7.2%) and overnights (+6.5%) in the first quarter of the year surpassed 2019 figures. This continues the upward trend observed in 2023, which recorded foreign arrivals 1.2% below 2019 levels, and nights just 0.2% below. The recovery is largely driven by strong intra-regional travel fuelled by Germany, France, Italy, and the Netherlands. This is coupled with demand from the US, which continues to be Europe’s most important long-haul source market.

The calendar may say spring, but summer travel is already sizzling with Americans keen to book getaways to the European continent. According to travel insurance provider Allianz Partners‘ annual Top 10 Summer European Destinations review, the number of Americans traveling to Europe will increase significantly again, climbing 34% over last year’s popular travel season.

Economic, social, and technological shifts are pushing the travel industry toward seismic change. Learn more about these key changes, their implications on the future of travel, and how travel and tourism companies can adapt to meet evolving traveler expectations.

The global luxury travel market size was estimated at USD 1.38 trillion in 2023 and is expected to grow at a CAGR of 7.9% from 2024 to 2030. Increasing spending by elite travelers to visit unexplored destinations and gain new experiences is driving the market growth. In addition, the rising trend of micro trips and the rapidly expanding tourism sector across the globe have been boosting the market growth.