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Luxury tourism in Europe: great potential and few investments

Luxury tourism in Europe needs to be developed to make the most of the potential of the Old Continent, representing an ideal environment for attracting new investments.

6/9/2022

In Europe there are luxury destinations for all tastes: from the mountains to the most exclusive seaside resorts, from the most classy tourist and artistic destinations. Luxury tourism, however, needs to be developed to make the most of the potential of the Old Continent, representing an ideal environment for attracting new investments.

TABLE OF CONTENTS:

What is luxury tourism?

Luxury tourism in Europe: what is - Santandrea Luxury Houses We are specialized in the world of luxury. That is why our articles present all possible options for those interested in this market, from real estate to fashion, from means of transport to events. And of course, luxury tourism cannot be missing. Those who regularly follow us will have already come across our content that presents unique luxury holidays - such as those on a private island or in a luxury chalet among the peaks of the most beautiful Italian mountains - or even more unique travel proposals - like the Orient Express “La Dolce Vita” luxury train or the futuristic G Train project. In general, luxury tourism includes all that vast offer of exclusive and classy experiences aimed at an audience that wants to combine maximum comfort with the possibility of living unique experiences in breathtaking locations.

That can also be said about the best luxury spas in Italy or with the most exclusive and expensive restaurants on the Italian territory. Luxury tourism in fact guarantees amazing landscapes and quality products, but also artistic beauty and cutting-edge services. Another example? Just think of the best luxury hotels that ensure top hospitality and comfort to their guests. Speaking of luxury tourism in Europe, everyone knows that the Old Continent stands out for the beauty of the locations, the works of art, the services offered and the various possibilities to make your stay unique. A sector which, however, is not yet fully expressing its incredible potential.

The huge potential of luxury tourism in Europe

Luxury tourism in Europe: potential in Europe - Santandrea Luxury Houses We present in another article the best luxury holiday destinations in Italy, but most of the concepts also apply to luxury tourism in Europe. In fact, from a landscape, artistic, cultural, economic and tourist point of view, all the countries of the Old Continent have strong elements on which to focus in order to attract visitors. Luxury tourism in Europe, however, espress much less than its potential. The European organization Eccia (European Cultural and Creative Industries Alliance), which gathers more than 600 excellence brands and 6 associations from the European high-end sector, has in fact recently published its "High-end tourism" report, created by Bain & Company, in collaboration with Forwardkeys, Global Blue and Virtuoso, reporting uncomfortable data on the high-end tourism segment. If the luxury tourism sector is worth about 130-170 billion euros, representing about 22% of the total expenditure related to tourism, a growth potential of the sector has been estimated between 170 and 520 billion euros in the next 10-15 years. Indeed, through a plan for the development of high-end tourism, an increase in the value of the sector in Europe could reach 520 billion euros.

This exponential growth is due to the fact that luxury tourism produces 8 times as much as the daily expenditure of normal tourism. In summary, a high-end tourist spends 8 times more than an average tourist, generating double the number of employees for the accommodation facilities. To date, although luxury structures represent only 2% of the total, they generate around 22% of the total tourism turnover in Europe, especially in the area of ​​accommodation (22%) and expenses related to culture, entertainment and shopping (33 %). In short, the margins for growth are really many. Specifically, tourists with great financial resources, looking for luxury holidays, prefer countries with facilities that meet the demand, including Italy, which, however, could improve a lot in respect to its potential. This is why the luxury tourism sector in Europe, and the Italian one in particular, need investments in sustainability and nature, on bureaucratic procedures for visas and creating a hospitality training system focused on luxury and, maybe, on wellness, an increasingly popular area also in terms of five-star tourism.

Luxury destinations and travels in Italy

Luxury tourism in Europe: best destinations in Italy - Santandrea Luxury Houses The Italian territory offers several exclusive options for those who look for comfort and services in the most beautiful locations. Starting from the mountains, and therefore mainly from Northern Italy, there are many ideal locations for a luxury holiday, starting with the Dolomites and Trentino Alto Adige. In Lombardy, Lake Como is perfect for a luxury holiday in one of the various hotels in the area. Also on Lake Garda, there are various luxury hotels, especially in Gardone Riviera, while the Venetian Alps frame Cortina d'Ampezzo. Moving to the Italian seaside resorts, there are really many possible choices, especially in Southern Italy and the islands. But Liguria can also boast the Cinque Terre, as well as Portofino, with their classy hotels and famous fish restaurants. For a luxurious and elegant beach holiday, one cannot help but think of the Amalfi Coast, where the naturalistic beauty is combined with the possibility of staying in various luxury hotels, especially in Amalfi and Positano.

Another luxury destination in Campania is the island of Capri, the favorite destination for VIPs in the Gulf of Naples. Let's move on to the most famous islands, Sardinia and Sicily: the first offers the Costa Smeralda, in the North-West area, while the second boasts Taormina, which offers several options for a luxurious stay. Finally, there are also many cities of art for a luxury holiday in Italy. But, if a selection is needed, Venice stands out, famous for its exclusive hotels flanked by Renaissance and Gothic palaces; Milan, which offers the very best in luxury hotels, with one of the few 7 stars hotel in the world; Florence, the most famous in the world for buildings and works of art, as well as for a wide range of luxury hotels and restaurants; Rome, the capital, which has nothing to envy in terms of art, services and luxury accommodation, within a unique artistic context. In short, Europe - and Italy - certainly do not lack the potential to achieve the exponential growth of luxury tourism presented in the Eccia study.



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