Tourism, travel in strong recovery
Tourism is growing again and according to the Travel Industry Trend, a report produced by the Mastercard Economic Institute, Italy ranks at fourth place among the most popular destinations for European tourists e sixth for tourists from North America. Equally interesting is the change in the spending habits of tourists in Italy who are increasingly inclined towards experiential purchases. So less shopping but more trips, restaurants or visits to unforgettable places.
This trend is also interesting Chinese tourists who are abandoning luxury shopping to buy services or unforgettable experiences in the main Italian destinations (among the top destinations: Naples, Rome, Milan and Venice). In terms of air flights, the increase in the first quarter of 2023 was 8% compared to the same period of the previous year. Business travel increased by 20% and saw Italian, Spanish and Portuguese businessmen as protagonists above all.
Minus the Americans who remain as fond of online business meetings as they were at the time of the pandemic. Some data emerging from the use of the credit card should also be underlined. In fact, during the furniture fair in Milan, 6% of transactions were linked to Italian credit cards, while as many as 48% were generated by cards belonging to people from abroad. Furthermore, in Milan, purchases of luxury goods are resisting, while in Naples and Venice, travelers prefer to spend not on goods but on services, buying “experiences” even before their arrival in Italy. This planning generates turnover for 4 million businesses (bars, restaurants, tour guides, etc.) that employ 11 million people.
Change of pace: tourists spend less on trips and restaurants on the purchase of luxury goods
“After two years of uncertainty, the travel sector is showing important signs of recovery. The trend in favor of the experiential economy is consolidating, which in Italy can be reflected in a tourist offer of excellence made up of centuries-old traditions, passions, territorial uniqueness and major international events capable of giving tourists memorable experiences– he said Michele Centemero, Country Manager Italy of Mastercard- In this context, the attractiveness of the Italian territory, combined with the quality offer of companies linked to tourism, are undoubtedly favorable elements for the recovery of this sector which is fundamental for the country’s economy, despite the fact that some important challenges remain on the horizon” .
The reopening of China generates new flows
With reference to incoming streams, Italy is a major global destination, especially for tourists from Europe, North America, the Middle East and Africa (ranked 4th, 8th and 10th respectively in the Top 10 Favorite Travel Destinations). As far as i outgoing streams, there are different trends depending on whether you are traveling for pleasure or for business. Indeed, in the first case, Italians prefer long and medium-haul flightsthus returning to exceed pre-pandemic levels. Tra loves businessInstead, long-haul bookings increase starting from the month of Decemberfollowing the reopening of China and the return to the office.
Right there China’s reopening is positively impacting European tourism: after the restrictions related to the pandemic giving a boost to the experiential economy. This trend is confirmed in the main Italian tourist destinations, Naples, Rome, Milan and Venice, where spending on experiences ranks first (with an average of 96% compared to 2019), followed by that for tangible and luxury goods. It stands out among the most exclusive destinations Positano which recorded an increase of 283% in experiential spending compared to 2019 levels.