Tourism is a global excellence of European countries and a key generator of
value, with virtuous effects in its high-end segment
Tourism is a global excellence expressed by all European countries
– Europe attracts 51% of the global international arrivals
– Its direct economic impact in 2019 was €600-700B, and reached €1T+ (including indirect)
– Up to 12M of direct jobs, 22M including indirect
Within it, high-end tourism is a critical source of value, economic and non-economic, with spillover on the other segments and
industries
– High value: high-end tourism in Europe is worth €130-170B
– Virtuous value generation across the value chain:
o 2% of the hospitality structures, contributing to 22% of the spending in accommodations, 33% of the spending culture, entertainment and shopping, and
22% of overall tourism spending
o 8x spending per day by high-end tourism vs. overall tourists' average
o Virtuous employment impact: nearly 2x employees at parity of company size (vs. non-high-end)
– In some of the largest countries high-end tourism is worth €20-30B; in several smaller countries, high-end tourism is a pillar of the economy, with a GDP incidence
almost 2x that of overall of Europe
A value to support from severe challenges
– Major disruption by Covid19: >€70B of loss linked just to high-end international travelers
– Other destinations outside of Europe raising the game to attract most valuable travelers
Strong fundamentals can sustain a long term bright potential
– The underlying dynamic of the global demand has the potential to grow the segment by 2-3times, up to a direct value of €520B
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