Published on : Wednesday, May 18, 2022
The European Cultural and Creative Industries Alliance, has recently unveiled a research assessing the effect of high-end tourism on the economy of Europe and its huge possibilities of growth and development.
The prime understanding of this study was that in the continent in 2019, sales generated by high-end tourists reached between 130 billion euros and 170 billion euros and by 2030, it had a chance to reach 520 billion euros through investments in sustainability, visa policy, infrastructure, and education.
In the said presentation, this multiplier effect was a recurrent theme, arranged on Tuesday by the president of ECCIA, Matteo Lunelli. He is the chairman of Altagamma, the Italian association of luxury goods companies as well.
The ECCIA coalition comprises five other European associations along with Circulo Fortuny in Spain; Altagamma, such as Comité Colbert in France; Meisterkreis in Germany, Gustaf III Kommitté in Sweden; and Walpole in the U.K. These organizations signify over 600 brands, majorly SMEs and cultural institutions.
ECCIA from 2010, its foundation year, has emphasized the significance of luxury as the main propeller in terms of growth of jobs in Europe. A 2020 study showed that European high-end cultural and creative brands represent 70 percent of the market globally, demonstrating 4 percent of the GDP (Europe) with a turnover of 800 billion euro.
Lunelli repeatedly emphasized the significance of this segment on Tuesday at the same time introducing the initial findings of the first “ECCIA High-end Tourism Study” that will be released in its final version next month.
Tags: Europe, European Cultural and Creative Industries Alliance
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