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effect upon European tourism industry

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Joined: Mar 09
Points: 166
Posts: 36

Posted: 2009-10-26 21:52:00   

What would be the effect upon European tourism industry, when economic recession is being seen as thing of past in Europe? Would people start again taking loan for traveling like before?

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Joined: Jan 08
Points: 84174
Posts: 203

Posted: 2009-10-26 21:52:00   

The answer is no. The credit market in Europe and in the US is changed forever (or at least for a very long time). Lenders will not loan money for taking holidays. Loans will only be available for investments (property, business) and not for consumption. I am talking about people, who cannot afford to travel given the level of their income. Those, with good income, will not need a loan to take a holiday, and will be able to save if they want to splurge a little.

In addition, Poland's (and I think Cyprus's) economy has continued to grow despite the recession elsewhere, and therefore the populations there have not been affected by the credit crunch in the same measure as in other EU countries. Outside the EU economies in Europe have weathered the downturn in yet a different way, with varied impact on tourism.

[edited by krisek at 2009-10-26 21:52]

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Posted: 2009-10-26 22:08:00   

I entirely agree with Krys, I live in an area which depends onrea a high influx of tourists from abroad but a lot of people who would have gone out of the area to other countries for their holidays are choosing to stay here so the money stays in the home region rather than being spent in Spain etc also a lot of hoteliers and holiday parks are at last waking up to the fact that they have to provide a high standard of service to stay in business and attract custom, the only place where success comes before work is in the dictionary.

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