Turkey Tourism Industry Benefiting from Economic Travelers Due to the Cost of Living Crisis
With traveler confidence taking yet another hit amid the rising cost-of-living across Europe, Turkey will emerge as the destination of choice for budget-conscious travelers in 2022, finds GlobalData.
With traveler confidence taking yet another hit amid the rising cost-of-living across Europe, Turkey* will emerge as the destination of choice for budget-conscious travelers in 2022, finds GlobalData, the data and analytics company.
Research from GlobalData’s Traveler Spending Patterns database shows that in-destination spending is relatively low in Turkey, despite the average stay for inbound tourists (9.7 days) being the second-longest in Europe in 2021. Compared to average inbound expenditure in popular leisure destinations such as Spain and Portugal, travelers could potentially save anywhere between $230 and $770 per trip if they travel to Turkey instead of these destinations.
Craig Bradley, Travel & Tourism Analyst at GlobalData, comments: “Turkey’s market position is likely to strengthen due to current consumer sentiment. In a GlobalData Q3 2021 Global Consumer Survey, 58% of respondents said cost was a key influencing factor when booking a trip, making it the leading incentive to book a holiday.”
While average expenditure is likely to increase in Turkey this year due to inflation, when comparing average expenditure against many other of Europe’s top destinations, it will still be substantially lower. The gap may even widen, given the economic hardships many countries in Western Europe are facing.
Bradley adds: “Many travelers this year will be feeling the financial pinch due to cost-of-living surges as well as high fuel and energy prices. However, according to several of Europe’s leading tour operators, pent-up demand in the travel industry continues to grow. As a result, travel companies appear to be more confident in Turkey than they have been at any point during the pandemic, with some tour operators reporting similar capacity levels to 2019.”
Turkey’s reputation as an attractive low-cost destination is likely to grow considering financial concerns across Europe. Travelers may now drop their more expensive Western European holidays for a sun and beach holiday in one of Turkey’s many resorts such as Antalya, Dalaman or Marmaris.
The Euro and Sterling remain strong against the Turkish Lira, which could also be a key driving factor. With high levels of pent-up demand, many individuals, couples, and families will be looking for a bargain this summer, and Turkey may be one of the few countries that can meet this need.
Bradley concludes: “Those who usually travel to countries such as Spain, Portugal and France could make the switch this year to the more affordable Turkey. As a result, this could help stimulate long-term demand for Turkish holidays across Europe, helping the nation to emerge as a leading destination in the as the pandemic eases.”
*Turkey is noted as being part of Europe in GlobalData’s Travel & Tourism Intelligence Center.