Inflation in Germany is incomparable even with the Turkish one, and this can seriously affect tourism – such an assessment of the situation was published by the Turkish media. According to their data, in Europe, and above all in Germany – the locomotive of the European economy, the highest inflation over the past 30-40 years is observed. It is 7-8%. And this can have an extremely negative impact on tourism this summer: the only question is what will win – the stress accumulated over the two years of the pandemic and the desire to relax, plus the funds accumulated by citizens during the same time that can be spent on vacation, or everyday stress and rising prices – including airfare – will it scare away tourists?
As Turkish analysts say, high inflation plus rising fuel prices, and hence air tickets due to anti-Russian sanctions, will lead to the fact that European tourists will have to allocate more funds for holidays. “But in many European countries, especially in Germany, people will still go on vacation, since vacation has become almost a civil right, one of the indispensable conditions of life,” they reassure themselves.
They also add that in a pandemic, Europeans had nowhere to spend money. “While millions of people were out of work, there were those who could not find where to spend their money. Unrealized expenses turned into savings. According to a study by Deposit Solutions, a company based in Hamburg, Germany, the household savings rate increased from 11% to 15.5% during the pandemic,” experts say. As a result, households in the eurozone saved about 1 trillion euros more than during the pandemic.
Turkey hopes that the increase in savings of Europeans – along with inflation that threatens to destroy these savings – will affect the tourism sector, more precisely in requests for delayed trips.”
They also hope for a psychological factor. According to Turkish experts, rest, even in this situation, is necessary as “an effective tool against demoralization.” “It is necessary to raise public sentiment and serve as a lever to stimulate the economy,” they assure.
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