If we analyze this segment at the continental level, then the value of luxury tourism in Europe ranges from 130,000 to 170,000 million, 22% of the sector’s total income. France, Germany, Italy, Spain and the United Kingdom produce about 75% of the total.
Similarly, the report states that the daily expenditure of high-ranking tourists is eight times higher than that of the average tourist. It accounts for about 22% of spending on accommodation and 33% of spending on culture, entertainment and shopping. In addition, according to the report, it has a multiplier effect on employment, as it requires twice as many employees as low-level tourism for accommodation of the same size.
The report indicates that the daily expenditure of high-ranking tourists is eight times higher than that of the average tourist
Thus, the study shows that high-end tourism is “a source of strength for all of Europe”. “In some countries, such as Italy, the United Kingdom, France and Spain, this part is large in absolute terms, reaching 20-35 billion euros. In other countries, its impact on GDP is noticeable, as in Greece, where it is They weigh 7% of GDP,” they point out from the consultancy.
On the other hand, this research predicts that if work is strengthened on several strategic factors aimed at attracting tourists who are currently going to other destinations, luxury tourism can double or triple its current value to 520,000 million euros. Now and 2030-2035. In this sense, Bain & Company stresses that it will be necessary to invest in sustainable tourism and mobility infrastructure, develop natural tourism, harmonize and facilitate visa policies and establish and strengthen the education and training system for hospitality and tourism.