American consumers are rescuing the European tourism industry.
Airfare prices are rising, but affluent American tourists are driving a 14.3% increase in European spending, reaching €742.8 billion this year, according to the European Travel Commission. Despite reduced savings, strong labor markets support continued high spending by U.S. consumers, with travel expenditures up 13% compared to 2019, as reported by Mastercard Economics Institute and Bank of America. Consumers prioritize experiences over material goods for travel.
![American consumers are rescuing the European tourism industry.](https://ussnsimg.moomoo.com/sns_client_feed/73158784/20240604/2a55801e1c7f7a9b769fdaf682449840.jpg/big?area=999&is_public=true)
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