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European Leisure Travel Industry - September 2013

This report provides an overview of the current state of the European leisure travel industry with particular emphasis on important issues that are impacting the trade, the ten largest tour operators and the five leading outbound country travel markets.

Some questions answered in this report include:

  • How is financial distress and bankruptcy affecting the market?
  • What impact has the political unrest in the Islamic world had on travel trade?
  • Who’s innovating?
  • Is the market for for cruising still growing?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Financial distress and bankruptcy
                • Political unrest in the Islamic world
                  • Who’s innovating?
                    • Distribution
                      • The continually growing market for cruising
                      • Global Summary

                          • Demographic trends
                            • Figure 1: Percentage distribution of the population, by age groups in selected countries & regions, 2013 & 2050
                          • Economy
                            • Figure 2: WEO forecasts (% change unless noted otherwise), July 2013
                          • Exchange rates
                            • Figure 3: Outlook for exchange rates, 26/07/2013
                          • International tourism flows and receipts in Europe
                            • Figure 4: International tourism arrivals in Europe, 2011-12
                            • Figure 5: International tourism receipts in Europe, 2012
                          • Outlook for spending on travel and tourism in Europe
                            • Figure 5: Projected growth in spending* on travel & tourism in Europe, 2012-20
                            • Figure 6: Projected growth in spending* on leisure travel in selected European countries, 2012-20
                        • Financial Distress and Bankruptcy

                            • 53 agents and operators insolvent in 2012
                              • UK travel firms compared to failed video-rental groups
                                • Air Travel Organisers’ Licence
                                  • An improving trend of ATOL registered failures
                                    • Figure 7: Trend in ATOL failures, 2000/01-2012/13
                                  • UK luxury operator closes
                                    • Major German operator GTI insolvent
                                      • Most GTI customers flew to Antalya
                                        • Bookings shifted to an unknown operator
                                          • Unpaid bills to travel agents and hoteliers
                                            • Insurers to be more careful in future
                                              • Polish tour operators vulnerable
                                                • R’Tur travel agency ceases its activity
                                                  • The new requirements
                                                    • Russia sets up an ATOL-like fund
                                                    • Political Unrest in the Islamic World

                                                        • Egypt
                                                          • Coup d’état destabilises the country once again
                                                            • Tunisia
                                                              • UK the second inbound market
                                                                • Assassination rocks the boat again
                                                                  • Turkey
                                                                  • Who’s Innovating?

                                                                      • The sharing economy
                                                                        • Mintel Inspire trends
                                                                          • Rent it instead
                                                                            • Key action items
                                                                              • Longing for the authentic
                                                                                • P2P accommodation sharing Web platforms
                                                                                  • Airbnb
                                                                                    • Booking
                                                                                      • Travel
                                                                                        • Social-networking feature
                                                                                          • Competitive commissions for owners
                                                                                            • HomeAway
                                                                                              • Figure 8: HomeAway’s revenue breakdown, by country/region, 2010-12
                                                                                            • The HomeAway portfolio
                                                                                              • Toprural acquisition
                                                                                                • Current trend in European business
                                                                                                  • Renewal rate down
                                                                                                    • HouseTrip
                                                                                                      • HouseTrip competes with hotels
                                                                                                        • Financial backing
                                                                                                          • Competition
                                                                                                            • Business model
                                                                                                              • onefinestay
                                                                                                                • Bespoke travel agents
                                                                                                                  • Cancellation terms
                                                                                                                    • Homeowners are also clients
                                                                                                                      • Hotel services included
                                                                                                                        • An asset-light business model with sustainable credentials
                                                                                                                          • A leisure client base
                                                                                                                            • P2P car-sharing Web platforms
                                                                                                                              • User profile
                                                                                                                                • Figure 9: Age breakdown of Carpooling.com customers, 2012
                                                                                                                              • Carpooling in Germany
                                                                                                                                • Figure 10: The most popular carpooling routes in Germany, 2012
                                                                                                                              • Carpooling in France
                                                                                                                                • Figure 11: The most popular carpooling routes in France, 2012
                                                                                                                              • Carpooling in Italy
                                                                                                                                • BlaBlaCar
                                                                                                                                  • Social-networking feature
                                                                                                                                    • Founders’ profile
                                                                                                                                      • Financing
                                                                                                                                        • Expansion
                                                                                                                                          • Carpooling.com
                                                                                                                                            • Cheaper and sustainable
                                                                                                                                              • Commuting
                                                                                                                                                • Daimler and Carpooling.com form a strategic partnership
                                                                                                                                                • Innovation in Travel Distribution

                                                                                                                                                    • ‘Big data’ analysis
                                                                                                                                                      • Mintel Inspire trends
                                                                                                                                                        • Access All Areas, What We’ve Seen
                                                                                                                                                          • Amadeus helps customers target their advertising
                                                                                                                                                            • Travel Audience acquisition completed
                                                                                                                                                              • Big data – the way forward
                                                                                                                                                                • Benefits for the travel industry
                                                                                                                                                                  • Distribution
                                                                                                                                                                    • Case study: KAYAK
                                                                                                                                                                      • Case study: Amadeus
                                                                                                                                                                        • Case study: British Airways
                                                                                                                                                                        • Distribution

                                                                                                                                                                            • Growth in OTA bookings outpacing the market
                                                                                                                                                                              • Growth to slow
                                                                                                                                                                                • Major online players
                                                                                                                                                                                  • KAYAK moves into packages
                                                                                                                                                                                    • Intelligent Travel Object Admin
                                                                                                                                                                                      • Most big operators are included
                                                                                                                                                                                        • The ATOL question
                                                                                                                                                                                          • A mobile app
                                                                                                                                                                                            • Google’s Flight Search rolled out in the UK
                                                                                                                                                                                              • NDC could change the landscape
                                                                                                                                                                                                • Lowcostbeds in bid to compete in top five
                                                                                                                                                                                                  • lowcostbeds enters the opaque market
                                                                                                                                                                                                  • Cruising Still a Pocket of Growth

                                                                                                                                                                                                      • Figure 12: Trend in cruise passenger numbers by region, 2006-11
                                                                                                                                                                                                      • Figure 13: Cruise passengers, by source market in Europe, 2012
                                                                                                                                                                                                    • UK cruising market
                                                                                                                                                                                                      • Figure 14: Trend in UK & Ireland cruise passengers, 2007-12
                                                                                                                                                                                                    • German cruising market
                                                                                                                                                                                                      • Figure 15: Trend in German cruise passengers, 2007-12
                                                                                                                                                                                                    • Spanish cruising market
                                                                                                                                                                                                      • Figure 16: Trend in Spanish cruise passengers, 2007-12
                                                                                                                                                                                                    • Italian cruising market
                                                                                                                                                                                                      • Figure 17: Trend in Italian cruise passengers, 2007-12
                                                                                                                                                                                                    • French cruising market
                                                                                                                                                                                                      • Figure 18: Trend in French cruise passengers, 2007-12
                                                                                                                                                                                                    • Cruising market in the rest of Western Europe
                                                                                                                                                                                                      • Figure 19: Trend in cruise passengers in the rest of Western Europe, 2011-12
                                                                                                                                                                                                  • Major Players in the European Leisure Travel Industry

                                                                                                                                                                                                      • Figure 20: Top 10 European travel groups, fiscal years 2011 & 2012
                                                                                                                                                                                                  • TUI Travel/TUI AG

                                                                                                                                                                                                      • TUI Travel
                                                                                                                                                                                                        • TUI AG
                                                                                                                                                                                                          • SWOT analysis (TUI Travel & TUI AG)
                                                                                                                                                                                                            • Recent developments
                                                                                                                                                                                                              • Latest annual results
                                                                                                                                                                                                                • Figure 21: Fiscal results for TUI AG, 2012
                                                                                                                                                                                                              • Change in top management
                                                                                                                                                                                                                • Joussen sets new priorities
                                                                                                                                                                                                                  • TUI invests in 60 new planes
                                                                                                                                                                                                                    • TUI gets £300 million of financing
                                                                                                                                                                                                                      • Structure
                                                                                                                                                                                                                        • TUI Travel
                                                                                                                                                                                                                          • Figure 22: Underlying operating profit mix by sector before central costs & emerging markets, FY 2012
                                                                                                                                                                                                                        • Mainstream sector
                                                                                                                                                                                                                          • Accommodation & destinations sector
                                                                                                                                                                                                                            • Emerging markets sector
                                                                                                                                                                                                                              • TUI’s new structure
                                                                                                                                                                                                                                • Figure 23: TUI’s new reporting structure, 2013
                                                                                                                                                                                                                              • Two types of business activity
                                                                                                                                                                                                                                • TUI AG
                                                                                                                                                                                                                                  • TUI Hotels & Resorts
                                                                                                                                                                                                                                    • Figure 24: Factors affecting customer satisfaction on package tours, 2012
                                                                                                                                                                                                                                    • Figure 25: TUI Hotels & Resorts’ portfolio, by brand, September 2012
                                                                                                                                                                                                                                  • TUI’s hotel brands
                                                                                                                                                                                                                                    • Figure 26: RIU’s locations, by country & continent, 2012
                                                                                                                                                                                                                                  • Viverde a hotel brand for ‘green’ holidaymakers
                                                                                                                                                                                                                                    • TUI cruises: Hapag-Lloyd Kreuzfahrten and TUI Cruises
                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                        • airtours
                                                                                                                                                                                                                                          • Arke
                                                                                                                                                                                                                                            • Crystal
                                                                                                                                                                                                                                              • Crystal Ski Plus packages
                                                                                                                                                                                                                                                • Fritidsresor
                                                                                                                                                                                                                                                  • Hotelbeds
                                                                                                                                                                                                                                                    • Intercruises Shoreside & Port Services
                                                                                                                                                                                                                                                      • TMS Gateway acquisition
                                                                                                                                                                                                                                                        • Jetair
                                                                                                                                                                                                                                                          • Winter season 2013/14 brochure
                                                                                                                                                                                                                                                            • UAE – a new destination
                                                                                                                                                                                                                                                              • LateRooms.com
                                                                                                                                                                                                                                                                • Quark Expeditions
                                                                                                                                                                                                                                                                  • Polar adventure ships and icebreakers
                                                                                                                                                                                                                                                                    • The Moorings
                                                                                                                                                                                                                                                                      • Thomson
                                                                                                                                                                                                                                                                        • TUI
                                                                                                                                                                                                                                                                        • Thomas Cook

                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                              • Recent developments
                                                                                                                                                                                                                                                                                • Figure 27: Group results for FY 2011-12
                                                                                                                                                                                                                                                                                • Figure 28: Revenue, by business unit for FY 2011-12
                                                                                                                                                                                                                                                                                • Figure 29: Gross profit, by business unit for FY 2011-12
                                                                                                                                                                                                                                                                              • Cost cuts of £100 million over three years
                                                                                                                                                                                                                                                                                • 364 shops closed in the last year
                                                                                                                                                                                                                                                                                  • Thomas Cook brand underexploited
                                                                                                                                                                                                                                                                                    • Emphasis on flexibility
                                                                                                                                                                                                                                                                                      • Shedding assets
                                                                                                                                                                                                                                                                                        • Hoteles Y Clubs De Vacaciones sold
                                                                                                                                                                                                                                                                                          • Indian unit sold
                                                                                                                                                                                                                                                                                            • French activities pared back
                                                                                                                                                                                                                                                                                              • Jet tours restructured
                                                                                                                                                                                                                                                                                                • Major new financing acquired
                                                                                                                                                                                                                                                                                                  • Half-year results mildly encouraging
                                                                                                                                                                                                                                                                                                    • Structure
                                                                                                                                                                                                                                                                                                      • UK & Ireland
                                                                                                                                                                                                                                                                                                        • Figure 30: Key facts for Thomas Cook’s UK & Ireland division, 2012
                                                                                                                                                                                                                                                                                                      • Continental Europe
                                                                                                                                                                                                                                                                                                        • Figure 31: Key facts for Thomas Cook’s Continental Europe division, 2012
                                                                                                                                                                                                                                                                                                      • Northern Europe
                                                                                                                                                                                                                                                                                                        • Figure 32: Key facts for Thomas Cook’s Northern Europe division, 2012
                                                                                                                                                                                                                                                                                                      • Group Airlines
                                                                                                                                                                                                                                                                                                        • Figure 33: Key facts for Thomas Cook’s airline division, 2012
                                                                                                                                                                                                                                                                                                      • Airline integration plans
                                                                                                                                                                                                                                                                                                        • Aircraft financing secured
                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                            • Airtours
                                                                                                                                                                                                                                                                                                              • Condor
                                                                                                                                                                                                                                                                                                                • Gold Medal
                                                                                                                                                                                                                                                                                                                  • Hotels4u.com
                                                                                                                                                                                                                                                                                                                    • Club 18-30
                                                                                                                                                                                                                                                                                                                      • happy events
                                                                                                                                                                                                                                                                                                                        • Intourist
                                                                                                                                                                                                                                                                                                                          • Neckermann
                                                                                                                                                                                                                                                                                                                            • Neilson
                                                                                                                                                                                                                                                                                                                              • Öger Tours
                                                                                                                                                                                                                                                                                                                                • SENTIDO Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                  • Thomas Cook
                                                                                                                                                                                                                                                                                                                                    • Ving
                                                                                                                                                                                                                                                                                                                                    • Kuoni

                                                                                                                                                                                                                                                                                                                                        • SWOT analysis
                                                                                                                                                                                                                                                                                                                                          • Recent developments
                                                                                                                                                                                                                                                                                                                                            • Figure 34: Results for the year ended 21 March 2013
                                                                                                                                                                                                                                                                                                                                          • Refocusing on core activities
                                                                                                                                                                                                                                                                                                                                            • Kuoni sells stake in Megapolus Tours
                                                                                                                                                                                                                                                                                                                                              • Kuoni quits Italy and France
                                                                                                                                                                                                                                                                                                                                                • Restructuring completed
                                                                                                                                                                                                                                                                                                                                                  • Change at the top
                                                                                                                                                                                                                                                                                                                                                    • ‘brite spokes’ launches in the US
                                                                                                                                                                                                                                                                                                                                                      • The Legends Continue
                                                                                                                                                                                                                                                                                                                                                        • Crunch Fitness and Health Road Trips
                                                                                                                                                                                                                                                                                                                                                          • Get the Drift
                                                                                                                                                                                                                                                                                                                                                            • Let's Rally
                                                                                                                                                                                                                                                                                                                                                              • Cover Your Bases
                                                                                                                                                                                                                                                                                                                                                                • Imbibe Ride
                                                                                                                                                                                                                                                                                                                                                                  • Structure
                                                                                                                                                                                                                                                                                                                                                                    • Tour operating
                                                                                                                                                                                                                                                                                                                                                                      • Destination travel services
                                                                                                                                                                                                                                                                                                                                                                        • Emerging Markets & Specialists
                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                            • Nordic brands
                                                                                                                                                                                                                                                                                                                                                                              • Swiss brands
                                                                                                                                                                                                                                                                                                                                                                                • Outbound Specialists Switzerland
                                                                                                                                                                                                                                                                                                                                                                                  • Asia365
                                                                                                                                                                                                                                                                                                                                                                                    • Trails.Cotravel
                                                                                                                                                                                                                                                                                                                                                                                      • Dorado Latin Tours
                                                                                                                                                                                                                                                                                                                                                                                        • Travelintens
                                                                                                                                                                                                                                                                                                                                                                                          • Kontiki Saga
                                                                                                                                                                                                                                                                                                                                                                                            • Manta Reisen
                                                                                                                                                                                                                                                                                                                                                                                              • Private Safaris
                                                                                                                                                                                                                                                                                                                                                                                                • Railtour/Frantour
                                                                                                                                                                                                                                                                                                                                                                                                  • Unique Travel
                                                                                                                                                                                                                                                                                                                                                                                                    • UK brands
                                                                                                                                                                                                                                                                                                                                                                                                      • Outbound specialists
                                                                                                                                                                                                                                                                                                                                                                                                        • Carrier
                                                                                                                                                                                                                                                                                                                                                                                                          • CV travel
                                                                                                                                                                                                                                                                                                                                                                                                            • Journeys of Distinction
                                                                                                                                                                                                                                                                                                                                                                                                              • Kirker Holidays
                                                                                                                                                                                                                                                                                                                                                                                                                • Voyages Jules Verne
                                                                                                                                                                                                                                                                                                                                                                                                                  • Destination Management Specialists
                                                                                                                                                                                                                                                                                                                                                                                                                    • AlliedTPro
                                                                                                                                                                                                                                                                                                                                                                                                                      • Asian Trails
                                                                                                                                                                                                                                                                                                                                                                                                                        • Australian Tours Management
                                                                                                                                                                                                                                                                                                                                                                                                                          • Desert Adventures Tourism
                                                                                                                                                                                                                                                                                                                                                                                                                            • Distant Frontiers
                                                                                                                                                                                                                                                                                                                                                                                                                              • Private Safaris
                                                                                                                                                                                                                                                                                                                                                                                                                                • Sita
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Emerging market brands
                                                                                                                                                                                                                                                                                                                                                                                                                                    • India
                                                                                                                                                                                                                                                                                                                                                                                                                                      • China/Hong Kong
                                                                                                                                                                                                                                                                                                                                                                                                                                        • VFS Global
                                                                                                                                                                                                                                                                                                                                                                                                                                        • DER Touristik

                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                • DER Touristik is new umbrella brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Upgrading the distribution network
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A strong summer season
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More winter tours
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanded coach tours
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tour operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • clevertours.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ITS – the mainstream brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jahn Reisen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tjaereborg – the dynamically priced brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • DERTOUR
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Meier’s Weltreisen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ADAC Reisen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • FTI Touristik

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strong growth so far in 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More winter flights to Egypt and Canaries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Oman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • FTI enters the French market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 5vorFlug
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • driveFTI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fly.de
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LAL Sprachreisen GmbH
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • sonnenklar.TV
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Club Med

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Club Med taken over in €556-million deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A troubled history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • China, the great hope
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Difficult to value Club Med
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Asset heavy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 35: Holding structure of Club Med villages & bed capacity, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Alltours

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Higher profits and hotel investments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • More Canaries and long-haul for the winter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Alltours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Other branded activities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Allsun Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Oad Reizen

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • eCircle optimises Oad Reizen’s customer response rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hotelplan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Revenue declined in 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 36: Turnover, by strategic business units, FY 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hotelplan has exited Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Swiss tour-operator brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Italian tour-operator brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK tour-operator brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Interhome
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Alpitour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alpitour sold to private equity funds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Alpitour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Francorosso
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Villages Bravo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Viaggidea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Karambola
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Neos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alpitour World Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 37: Alpitour World Hotels, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Welcome Travel Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jumbo Tours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Major Country Markets

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outbound spending key for the travel trade
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • China number 1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • But importance to be relativised
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Russia up, Italy down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Top European outbound markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 38: Top European countries for expenditure on outbound tourism, 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 39: German holiday trips, 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 40: German holiday destinations, by % share*, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tour-operator market structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Soaring growth for Schauinsland Reisen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 41: Market shares of major German tour operators, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TUI, the market leader
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 42: Five largest tour operators in Germany, FYs 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Trends and outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Club operators target the German market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TUI’s Robinson Club & Magic life
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aldiana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • DER Touristik’s Calimera
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Club Med
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 43: Trend in UK holiday trips & spending abroad, 2000-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 44: UK holiday travel & spending, by country & region, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cost of living in holiday destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 45: Cost of living per day, by holiday destination, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • TUI UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Thomas Cook UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Monarch Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trends and outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Two million head overseas at the end of July
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Domestic tourism booming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 46: Top 10 Russian tour operators, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Trends and outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 47: Package tours sold in France, by destination during FY 1/11/2011-31/10/2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 48: French package-tour destinations, FY 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Trends and outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 49: Holiday trips taken by Italians, 2010-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 50: Regions of holiday trips taken by Italians (in % of category total), by duration, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 51: Destinations of holiday trips taken by Italians (in % of category total), 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 52: Booking channels for holiday trips (% of category total), 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trends and outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Changes to the EU’s PTD
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Reflecting changes in the way people travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A largely positive reaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mega resorts coming to Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Las Vegas- or Macao-style mega resorts are to be built in Spain, but will European tourists go for it?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • BCN World
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ‘EuroVegas’ in Madrid
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A mixed reaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Popular opposition to EuroVegas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Local hoteliers in Catalonia positive

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    European Leisure Travel Industry - September 2013

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    US $1,857.54 (Excl.Tax)