Implications of the financial crisis on the European tourism

Abstract

The last 12-18 months have been one of the most challenging periods in the history of tourism. Both business and consumer confidence were bound to be affected. Similarly to previous crises, the consumer tended to travel closer to home during 2009. People have not only travelled less often and less far, but they have spent less, taking shorter trips and ‘trading down’. Many have also reduced their frequency of travel, especially in terms of short breaks, in order to protect their main holidays.