The economic crisis has resulted in a loss of purchasing power for Belgians, affecting the economy in various ways. While some sectors such as Horeca have been hit by price hikes, they continue to attract customers as people still want to have fun. Similarly, Belgians appear enthusiastic about taking vacations in 2023 and are willing to spend more money to enjoy their trips, according to the GFG Travel Intentions Report commissioned by ABTO. Although the average maximum spending budget per person for holidays has increased from 2020, this has been largely due to inflation. Nonetheless, the maximum budget per person for package travel by plane has increased significantly, rising by 30% between 2020 and 2023. The report shows that people are also changing their preferences in terms of accommodation, with more people opting for rentals of houses, villas, and apartments over hotels. The study reveals that France is the most popular destination, followed by Spain and Italy, while Belgium ranks second as a destination, with 11% of intentions.
Did you say economic crisis? We have been talking about a loss of purchasing power for Belgians and all the consequences this has had on the economy for many months, but some sectors are doing better than others. We have already mentioned the Horeca which is suffering the effects of price increases, but which continues to fill its restaurants. It is an indication of the desire of the population to continue to have fun, when possible. For the tourism sector, this seems all the more true. Belgians will go on vacation in 2023, and are even ready to spend more money to enjoy it. This is what the latest figures from the GFG Travel Intentions Report (GTIR), commissioned by ABTO, the Belgian Association of Tour Operators, indicate. “The average maximum spending budget for their holidays, according to the intentions of our fellow citizens, amounts to 858 euros per person, up compared to 2020 (769 euros) but not dramatically, especially if we consider inflation account. It is at a level close to that of 2021 where the desire to travel again and enjoy it after months of confinement was very strong. If we look more specifically at the maximum budget per person for a package travel by plane, this rises to 1207 euros, much more than before Corona (927 euros): the increase reaches 30% between 2020 and 2023”, we learn.
Inflation partly explains this phenomenon since everything increases, even the price of holidays. But we are also talking here about intention to spend, so the amount that the Belgians are ready to put on the table even before having reserved. There are also some changes in habits in terms of the type of accommodation. “In terms of accommodation, the hotel faces increasing competition from rentals of houses, villas and other apartments. But it maintains its positions in the context of air travel packages (84% still prefer it).”
And in terms of favorite destinations? France obviously remains at the top (19% of trips), ahead of Spain (8.5%), Italy (5.5%) and the Netherlands (4%). And Belgium? It ranks second as a destination, with 11% of intentions, compared to 12.1% in 2022 and 15.7% in 2021.
Despite the economic crisis and the loss of purchasing power for Belgians, the tourism sector seems to be thriving with Belgians planning to go on vacations next year and willing to spend more money on it. The latest figures from the GFG Travel Intentions Report commissioned by ABTO indicate that the average maximum spending budget for holidays for 2023 is €858 per person, and €1207 per person for a package travel by plane. While inflation partly explains the phenomenon, there are also changes in habits in terms of the type of accommodation. The hotel faces increasing competition from rentals of houses, villas, and apartments. The favorite destinations for Belgian tourists remain France, Spain, Italy, the Netherlands, and even Belgium. It is heartening to see that despite the financial constraints, Belgians are eager to enjoy their vacations and create memorable experiences.