EyeforTravel Report Finds Germany’s Outbound Market will have its Best Performance in Years in 2018
LONDON (PRWEB) April 19, 2018 -- Germany's outbound market accounts for over 30% of the overnight stays made by EU citizens but the market is set to get even bigger in 2018 on the back of strong economic performance, receding security concerns and high consumer confidence finds the report, an extract of which can be downloaded for free here: http://1.eyefortravel.com/LP=20439?extsource=g2_press_release
The research expects spending by Germans on international leisure travel to exceed €80 billion in 2018 as a result of renewed confidence among German travellers to travel further abroad and return to a variety of destinations, principally Turkey, alongside record high expectations of improving wages.
This comes off the back of an improving environment in 2017 after setbacks in 2016. The report notes a much wider number of destinations reported good growth in 2017 than in 2016 and destinations previously in free-fall appeared to bottom out. Destinations reporting strong growth came from those close to home in Scandinavia, Belgium and the Netherlands, and further afield, Greece, and Balkan and Southeast Asian countries.
In terms of where these trends will head in 2018, perennial favourites Italy, Spain and Greece will continue to be the most popular but Spain will see its growth rates hit by diminishing price competitiveness. Already more expensive than many destinations in the Eastern Mediterranean at the start of last year, average daily rates rose strongly in the market in 2017 and tourism-focused tax rates have further increased costs. Instead, Turkey seems set to experience double digit growth, German tour groups are returning to Tunisia, and Southeast Asian countries seem likely to continue recent high growth as Germans look at long-haul destinations more frequently.
Turkey, Tunisia, Morocco, and Egypt will also be helped in 2018 by receding security concerns that have previously been at the forefront of German travellers minds. The report notes that polls have found that German fears of terrorism have decreased from its peak in 2016 and it is no longer the top concern.
All of these destinations are seeing extremely strong early booking indicators in 2018 according to travel agents, who also report record confidence for growth in 2018. They are being helped by extremely strong economic indicators, particularly with regard to conditions for the average German consumer. Seasonally adjusted unemployment is at a post-Reunification low and consumer confidence is at a record high when it comes to expectations of wage increases. These expectations are not baseless, as the German labour market now has little excess labour to call on and German firms seem to be aware that wages must rise. Furthermore, German consumers have been reluctant to loosen their purse strings when overall European economic conditions have been poor and risks high, but this has shifted as of early 2018, with the eurozone reporting the best economic conditions since the Recession and renewed confidence. This will boost Germane travel consumer spending in 2018 and, barring an economic shock, mark it out as a vintage year for the outbound market.
You can download an excerpt from the report by clicking here: http://1.eyefortravel.com/LP=20439?extsource=g2_press_release. Use this free excerpt from our German Travel Consumer 2018 Report to understand the trends shaping German destination choices and spending patterns both at home and abroad in 2018.
To access the full report and all of EyeforTravel's research become a member of EyeforTravel On Demand now:
Detailed analysis of Germany's economy and its ramifications for consumer travel spending.
More than 80 charts, figures and tables of data detailing the state of the German travel consumer.
Outbound and domestic travel market overviews and outlooks.
A breakdown of the German journey to booking, including lead times, key apps and most popular websites.
Age and location breakdowns for key online behaviors, destination preferences and spending.
Trends in German device ownership and usage.
An overview of the state of Germany's travel industry.
Forecasts and outlooks for technologies, destinations, and market growth.
Data taken from more than 80 different sources.
Nikhil Vijayan, EyeforTravel, http://www.eyefortravel.com, +44 2073757165, [email protected]
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