European Travel Consumer Base Expands | EyeforTravel Research
The European market accounts for a vast majority of international travel, sustained by a healthy and growing economy, an abundance of countries at its doorstep and the associated tendency of Europeans to take many trips abroad. A steady rise in GDP and spending power accompanies this parallel increase in travel and even with looming global depression and rising oil prices, the European economy as a whole continues to perform well. According to EyeforTravel Research, travel revenue in 2007 exceeded the previous year’s financial figures by 4%, approaching an estimated Euro 256 billion in sales.
The UK and Germany remain the biggest source markets, but a new report from EyeforTravel emphasises that other European markets are certainly growing in importance. As Eastern and Southern European GDP and spending power grows, they too are now tapping into the former luxury that is travel and these markets are strengthening. According to EyeforTravel, compound annual growth rates in expenditure over the 2002-2007 period have been highest in Southern and Eastern Europe, at 5%.
The report highlights how growth in online travel is also markedly more pronounced in these regions, where lower saturation rates of both internet penetration and travel expenditure have left more room for development. Amy Scarth, head of research at EyeforTravel highlights that “online travel agents are starting to target CEE as a third wave target market” and says “in Eastern Europe we find conditions similar to that of Southern Europe a few years ago, where internet penetration is booming and travel suppliers are joining the hype, setting conditions for growth”.
Further information about the European online travel market can be found in EyeforTravel’s European Online Travel Report 2008
