Tourism revenue slashed by $316b, Europe hardest hit

Eloise Hanson Eloise Hanson Uploaded 13 October 2020

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Worldwide: According to data from Stockapps, the global projected tourism revenue for 2020 has slumped by 41 per cent with Italy expected to feel the most significant impact of European countries.

Forecasted revenue before the pandemic was at $712 billion, but this has since been slashed to $369.4 billion.

This new forecast is significantly lower than 2019’s recorded revenue at $685 billion.

Among the different regions, Europe, Asia and North America tourism is most affected. Whilst Asia’s forecast decreased by 33.4 per cent to $85 billion, Europe’s forecast decreased by 41.4 per cent to $95 billion. 

Projections for Italy have fallen by nearly 45 per cent from its original forecast. This places Italy as  amongst the hardest hit countries in Europe.

At the height of the lockdown, France experienced a 99 per cent decrease in reservations across sites including Airbnb, Expedia and Booking.com.

The summer period showed an increase in numbers for European tourism. Spain recorded a 16 per cent decrease in bookings for week 26 compared to week 15 (March) which showed a 97 per cent decrease in bookings.

In the UK and Italy, the summer period fell well below 2019’s numbers. At the UK’s lowest percentage (week 31) the country recorded a 51 per cent fall in tourism, whereas Italy recorded its lowest percentage decrease in week 30 at 44 per cent.

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