German businesses and households are allocating more to travel budgets
A new report by Germany’s Commerzbank says that 2011 could be an excellent – even a record – year for the country’s travel and tourism industry. Travel expenses will continue to rise this year. That is the conclusion of several studies commissioned by the bank, showing that many companies are again increasing their business-travel budgets for the year ahead.
Leisure tourists will also spend more money on foreign travel in 2011, the bank says, as positive economic figures in Germany in recent months embolden travellers following two years of caution and austerity during the financial crisis. Germans could spend as much as €61.3 billion on travel abroad this year, according to forecasts.
However, the impact of the financial crisis has been so deep that it is continuing to affect German companies and households, and will do for some time to come. The Commerzbank studies state that travel is of course vulnerable to further crises, but underlines that the German economy has now essentially recovered from the financial crisis’s effects. The forecast for incoming tourism is also excellent, with figures possibly even reaching those seen in 2008.