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The European Leisure Travel Industry - September 2015

“The impact of the so-called ‘sharing economy’ on Europe’s tourism industry is only in its beginning stages. One near certainty for the future of Europe’s leisure tourism sector is that China will play an increasing role – both as a source market, and as a source of investment capital.”

This report looks at the following areas:

  • What is the outlook for spending on leisure travel and tourism in Europe?
  • Who's innovating in the European leisure travel industry?
  • How is the holiday hotel market in Europe and North Africa structured?
  • Is cruising still a growth market in Europe?
  • Who are the key players in Europe's leisure travel industry?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Political strife and terrorism
                • Sharing-economy impact
                  • Client disruption and lawsuits
                    • EU regulation and subsidies
                    • Global Summary

                      • Key points
                        • Demographic trends
                          • Figure 1: Worldwide population distribution by age cohort, in millions, 2013 & 2050
                        • Seniors not ‘Millennials’ are the growth market
                          • Economy
                            • Figure 2: World Economic Outlook projections, year-on-year % change unless otherwise noted, July 2015
                          • Exchange rates
                            • Figure 3: Currency rate forecast, 23 June 2015
                          • Tourism flows
                            • Figure 4: Tourist arrivals* in the principal European countries, in millions, 2008-18
                          • Tourism arrivals across Europe
                            • Figure 5: Arrivals in tourist accommodation establishments in European countries, 2009-13
                          • Departure rate by country
                            • Figure 6: Percentage of population taking a trip for personal purposes of 4 nights or more during the year, by European country, 2009-13
                          • Spending on travel and tourism
                            • Figure 7: Spending on travel & tourism in Europe, in US$ millions, 2014 & 2025
                        • Political Strife and Terrorism

                          • Key points
                            • Grexit on the horizon?
                              • Booking.com figures show the trend
                                • Figure 8: Room nights reserved & cancelled in Greek accommodation establishments, 1 June-19 July 2015
                              • Tunisia in headlines again
                                • Terrorist attack at beach resort hotel
                                  • Tunisia losing tourists
                                    • German tourists stay but bookings drop
                                      • Winter schedules not altered yet
                                        • Tour-operator margins hit
                                          • TUI UK offers special concessions
                                            • Thomas Cook
                                            • Sharing-Economy Impact

                                              • Key points
                                                • Peer-to-peer accommodation rental websites
                                                  • Airbnb’s host cancellation policy
                                                    • Ibiza in mid-July?
                                                      • Figure 9: Holiday rentals offered by HomeAway for the week of 15-22 July 2015 as of 20 June 2015
                                                    • Evidence of disruption
                                                      • Apartment rental listings’ top hotel rooms in Spain
                                                        • Less job creation and lost tax revenue
                                                          • Car-sharing platforms
                                                            • BlaBlaCar is consolidating the sector
                                                              • Financing
                                                                • Expansion strategy
                                                                  • Eastern Europe a fertile field for car-sharing expansion
                                                                    • US not on radar screen
                                                                      • Challenge for growth
                                                                      • Client Disruption and Lawsuits

                                                                        • Key points
                                                                          • Disruptive air passengers on the rise
                                                                            • 14 passengers offloaded
                                                                              • Ryanair has banned booze on Scotland to Ibiza flights
                                                                                • Ryanair passengers on rampage again
                                                                                  • Calls to get tough with unruly passengers
                                                                                    • A national database of disruptive passengers
                                                                                      • Mishaps and disasters lead to lawsuits
                                                                                        • Suing for a broken ankle
                                                                                          • Food poisoning
                                                                                            • Furious cruise passengers sue
                                                                                              • Man speared through eye by hotel parasol
                                                                                                • The case of Bobby and Christi Shepherd
                                                                                                  • Media campaign against Thomas Cook
                                                                                                    • Conclusion
                                                                                                    • EU Regulation and Subsidies

                                                                                                      • Key points
                                                                                                        • European Package Travel Directive
                                                                                                          • ‘Linked travel arrangements’ to be covered
                                                                                                            • ABTA reaction
                                                                                                              • Strengthening consumer protection
                                                                                                                • EU regulation catching up with the technology
                                                                                                                  • A more level playing field
                                                                                                                    • Business to leak outside EU?
                                                                                                                      • EU airlines create lobby group
                                                                                                                        • EU subsidies for tourism
                                                                                                                          • The European Regional Development Fund
                                                                                                                            • Type and level of funding
                                                                                                                              • The Cohesion Fund
                                                                                                                                • Type and level of funding
                                                                                                                                  • The European Social Fund
                                                                                                                                    • Type and level of funding
                                                                                                                                      • Maltese training programme
                                                                                                                                        • The ‘European Agriculture Fund for Rural Development’
                                                                                                                                          • Type and level of funding
                                                                                                                                            • The European Maritime and Fisheries Fund
                                                                                                                                              • Type of tourism-related actions eligible for funding
                                                                                                                                                • Type and level of funding
                                                                                                                                                  • LIFE
                                                                                                                                                    • Type of tourism-related actions eligible for funding
                                                                                                                                                      • Type and level of funding
                                                                                                                                                        • Tourism for conservation in the Burren and Cliffs of Moher geopark (Ireland)
                                                                                                                                                          • Horizon 2020
                                                                                                                                                            • Type and level of funding
                                                                                                                                                              • COSME
                                                                                                                                                                • Type and level of funding
                                                                                                                                                                  • Creative Europe
                                                                                                                                                                    • Type and level of funding
                                                                                                                                                                      • Erasmus
                                                                                                                                                                        • Type and level of funding
                                                                                                                                                                          • Employment and Social Innovation
                                                                                                                                                                            • Type and level of funding
                                                                                                                                                                            • Holiday Hotel Markets

                                                                                                                                                                              • Key points
                                                                                                                                                                                • Budget holiday hotels
                                                                                                                                                                                  • Egypt
                                                                                                                                                                                    • Figure 10: Top 10 holiday hotel groups* in Egypt, 2013
                                                                                                                                                                                  • Germany
                                                                                                                                                                                    • Figure 11: Top 10 holiday hotel groups* in Germany, 2013
                                                                                                                                                                                  • Greece
                                                                                                                                                                                    • Figure 12: Top 10 holiday hotel groups* in Greece, 2013
                                                                                                                                                                                  • Portugal
                                                                                                                                                                                    • Figure 13: Top 10 holiday hotel groups* in Portugal, 2013
                                                                                                                                                                                  • Spain
                                                                                                                                                                                    • Figure 14: Top 10 holiday hotel groups* in Spain, 2013
                                                                                                                                                                                  • Tunisia
                                                                                                                                                                                    • Figure 15: Top 10 holiday hotel groups* in Tunisia, 2013
                                                                                                                                                                                  • Turkey
                                                                                                                                                                                    • Figure 16: Top 10 holiday hotel groups* in Turkey, 2013
                                                                                                                                                                                • Distribution

                                                                                                                                                                                  • Key points
                                                                                                                                                                                      • Figure 17: Total European gross bookings, 2006-16
                                                                                                                                                                                    • Channel breakdown by travel supplier segment
                                                                                                                                                                                      • Figure 18: Distribution channel breakdown, by travel supplier category, 2013
                                                                                                                                                                                    • OTA market shares
                                                                                                                                                                                      • Figure 19: OTA share of total European market & shares of OTA market, 2012-16
                                                                                                                                                                                    • OTA market shares for hotel bookings by country
                                                                                                                                                                                      • Booking’s dominance
                                                                                                                                                                                        • Figure 20: Market shares of the three major European OTAs, by selected countries, 2014
                                                                                                                                                                                      • Major country markets
                                                                                                                                                                                        • Figure 21: Forecasted OTA bookings by the three major European country markets in 2016
                                                                                                                                                                                      • Mobile bookings
                                                                                                                                                                                        • Figure 22: Mobile share of gross travel bookings, 2011-16
                                                                                                                                                                                      • OTA regulation
                                                                                                                                                                                        • Price parity broken down
                                                                                                                                                                                          • The ‘Macron Law’ voted
                                                                                                                                                                                            • ETTSA attacks the hotel industry
                                                                                                                                                                                              • Italy to take legal action
                                                                                                                                                                                              • Cruising

                                                                                                                                                                                                • Key points
                                                                                                                                                                                                  • Low penetration rate
                                                                                                                                                                                                    • Europe continues to dominate ship building
                                                                                                                                                                                                      • Slowing growth trend
                                                                                                                                                                                                        • Figure 23: European passenger statistics, 2010-14
                                                                                                                                                                                                      • Trend in European cruise market by major market
                                                                                                                                                                                                        • Figure 24: Trend in key European cruise markets, 2012-14
                                                                                                                                                                                                      • UK cruise-passenger numbers fall for the first time
                                                                                                                                                                                                        • European cruise ports
                                                                                                                                                                                                          • Figure 25: Revenue passengers, by major cruise port, 2014
                                                                                                                                                                                                        • Home ports
                                                                                                                                                                                                          • Figure 26: Trend in revenue passengers, by major cruise home port, 2012-14
                                                                                                                                                                                                        • Ports of call
                                                                                                                                                                                                          • Mediterranean
                                                                                                                                                                                                            • Figure 27: Trend in major Mediterranean ports of call, 2012-14
                                                                                                                                                                                                            • Figure 28: Cruise lines offering itineraries & schedules to La Spezia, 2015
                                                                                                                                                                                                          • Atlantic and Northern Europe
                                                                                                                                                                                                            • Figure 29: Trend in major Atlantic & Northern European ports of call, 2012-14
                                                                                                                                                                                                          • The European cruise fleet
                                                                                                                                                                                                            • The Mediterranean
                                                                                                                                                                                                              • Northern Europe – Baltic
                                                                                                                                                                                                                • Cruise-ship pipeline and investment 2015-18
                                                                                                                                                                                                                  • Figure 30: Cruise-ship pipeline, 2015-18
                                                                                                                                                                                                                • Major players
                                                                                                                                                                                                                  • Carnival Cruise Lines
                                                                                                                                                                                                                    • UK brands
                                                                                                                                                                                                                      • Continental Europe
                                                                                                                                                                                                                        • Royal Caribbean Cruises
                                                                                                                                                                                                                          • Royal Caribbean International
                                                                                                                                                                                                                            • Celebrity Cruises
                                                                                                                                                                                                                              • Azamara Club Cruises
                                                                                                                                                                                                                                • Pullmantur
                                                                                                                                                                                                                                  • CDF Croisières de France
                                                                                                                                                                                                                                    • TUI Cruises
                                                                                                                                                                                                                                      • TUI’s cruises
                                                                                                                                                                                                                                        • Hapag-Lloyd Kreuzfahrten
                                                                                                                                                                                                                                          • Hapag-Lloyd Cruises Club
                                                                                                                                                                                                                                            • TUI Cruises
                                                                                                                                                                                                                                              • Cruise performance
                                                                                                                                                                                                                                                • Figure 31: Financial performance of TUI’s cruise activities (Hapag-Lloyd & TUI Cruises), FY 2009-14
                                                                                                                                                                                                                                            • Major Players

                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                  • Figure 32: Top 10 European travel companies, FYs 2013 & 2014
                                                                                                                                                                                                                                              • TUI Group

                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                    • Figure 33: TUI Group’s share price since listing on 17 December 2014, 3 July 2015
                                                                                                                                                                                                                                                  • TUI AG has acquired TUI Travel plc
                                                                                                                                                                                                                                                    • Well received in the market initially
                                                                                                                                                                                                                                                      • ...but recent events have pushed the share price down
                                                                                                                                                                                                                                                        • Synergies to be had
                                                                                                                                                                                                                                                          • Tour operating
                                                                                                                                                                                                                                                            • Online accommodation
                                                                                                                                                                                                                                                              • TUI exiting B2C accommodation distribution
                                                                                                                                                                                                                                                                • TUI closes AsiaRooms
                                                                                                                                                                                                                                                                  • LateRooms.com up for sale
                                                                                                                                                                                                                                                                    • Brand consolidation
                                                                                                                                                                                                                                                                      • Brand migration
                                                                                                                                                                                                                                                                        • Brand value soars
                                                                                                                                                                                                                                                                          • Interbrand’s methodology
                                                                                                                                                                                                                                                                            • Financial analysis
                                                                                                                                                                                                                                                                              • Role of brand
                                                                                                                                                                                                                                                                                • Brand strength
                                                                                                                                                                                                                                                                                  • A new distribution initiative
                                                                                                                                                                                                                                                                                    • Thomson upgrades Dreamliner fleet
                                                                                                                                                                                                                                                                                      • TUI Hotels & Resorts
                                                                                                                                                                                                                                                                                        • Figure 34: TUI Hotels & Resorts hotel portfolio, 2014
                                                                                                                                                                                                                                                                                        • Figure 35: TUI Hotels & Resorts hotel portfolio, 2014 (continued)
                                                                                                                                                                                                                                                                                      • Robinson to expand in three regions
                                                                                                                                                                                                                                                                                        • TUI exits Greece before Grexit
                                                                                                                                                                                                                                                                                          • TUI pulling out of Australian adventure
                                                                                                                                                                                                                                                                                            • Key performance indicators
                                                                                                                                                                                                                                                                                              • Figure 36: TUI’s tour operation KPIs with recent results, FY 2012-FY 2014
                                                                                                                                                                                                                                                                                            • Results FY 2010-FY 2014
                                                                                                                                                                                                                                                                                              • Figure 37: TUI Group results, FY 2009-FY 2014
                                                                                                                                                                                                                                                                                            • Outlook
                                                                                                                                                                                                                                                                                              • Regional and sectorial half-year results
                                                                                                                                                                                                                                                                                                • Outlook for FY 2014/15
                                                                                                                                                                                                                                                                                                  • Figure 38: Outlook for TUI Group revenues & profits for FY 2014/15
                                                                                                                                                                                                                                                                                                • Long-haul, hotels and cruises
                                                                                                                                                                                                                                                                                                • Thomas Cook

                                                                                                                                                                                                                                                                                                    • SWOT analysis
                                                                                                                                                                                                                                                                                                      • Shedding assets
                                                                                                                                                                                                                                                                                                        • Figure 39: Thomas Cook’s share price for the 5-year period ending 3 July 2015
                                                                                                                                                                                                                                                                                                      • Asset sales during March 2013-September 2014
                                                                                                                                                                                                                                                                                                        • Thomas Cook Egypt and Thomas Cook Lebanon
                                                                                                                                                                                                                                                                                                          • Thomas Cook CFX Limited
                                                                                                                                                                                                                                                                                                            • Neilson Active Holidays Limited
                                                                                                                                                                                                                                                                                                              • Essential Travel Limited
                                                                                                                                                                                                                                                                                                                • Elegant Resorts Limited
                                                                                                                                                                                                                                                                                                                  • Gold Medal Limited
                                                                                                                                                                                                                                                                                                                    • NATS Holding Limited
                                                                                                                                                                                                                                                                                                                      • Corporate Business Travel
                                                                                                                                                                                                                                                                                                                        • Intourist Egypt
                                                                                                                                                                                                                                                                                                                          • Thomas Cook Canada Inc. and Thomas Cook USA Holdings Inc.
                                                                                                                                                                                                                                                                                                                            • Thomas Cook promotes brand through social media
                                                                                                                                                                                                                                                                                                                              • Abrupt departure at the top
                                                                                                                                                                                                                                                                                                                                • A shot in the arm from Fosun
                                                                                                                                                                                                                                                                                                                                  • Cook strengthens ties with Club Med
                                                                                                                                                                                                                                                                                                                                    • Thomas Cook Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                      • Figure 40: Thomas Cook Hotels & Resorts’ hotel portfolio, 2014
                                                                                                                                                                                                                                                                                                                                    • Revenues down on disposals, currency and Egypt
                                                                                                                                                                                                                                                                                                                                      • Figure 41: Summary of results (in £m unless otherwise stated), for FY 2013 & 2014
                                                                                                                                                                                                                                                                                                                                    • Improved gross margin
                                                                                                                                                                                                                                                                                                                                      • Outlook
                                                                                                                                                                                                                                                                                                                                        • Figure 42: Half-year results (£m unless otherwise stated) for the six months ended 31 March 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 43: Revenues*, by business unit (£m unless otherwise stated), ended 31 March 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 44: Gross margin, by business, H1 FY 2013-H1 FY 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 45: EBIT LTM*, by business unit, ended 31 March 2015
                                                                                                                                                                                                                                                                                                                                      • Current trading summer 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 46: German consumer confidence, 2012-1 July 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 47: Current trading, summer 2015
                                                                                                                                                                                                                                                                                                                                      • More exclusive offers
                                                                                                                                                                                                                                                                                                                                      • Kuoni

                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                            • A major shift in strategy
                                                                                                                                                                                                                                                                                                                                              • Figure 48: Kuoni’s share price for the 5-year period ending 3 July 2015
                                                                                                                                                                                                                                                                                                                                            • Shift reflects changing business environment for travel
                                                                                                                                                                                                                                                                                                                                              • Tour-operating business sold to DER Touristik
                                                                                                                                                                                                                                                                                                                                                • What is included in the sale
                                                                                                                                                                                                                                                                                                                                                  • Advantages for DER Touristik
                                                                                                                                                                                                                                                                                                                                                    • Impact on Kuoni results and cash position
                                                                                                                                                                                                                                                                                                                                                      • Future strategic business focus
                                                                                                                                                                                                                                                                                                                                                        • Global Travel Distribution (GTD, formerly FIT)
                                                                                                                                                                                                                                                                                                                                                          • Global Travel Services (GTS)
                                                                                                                                                                                                                                                                                                                                                            • VFS Global
                                                                                                                                                                                                                                                                                                                                                              • Strategic initiatives
                                                                                                                                                                                                                                                                                                                                                                • FY 2014 results recap
                                                                                                                                                                                                                                                                                                                                                                  • Figure 49: Kuoni’s turnover, by activity, 2013-14
                                                                                                                                                                                                                                                                                                                                                                  • Figure 50: FIT (now GTD) turnover breakdown, by source markets & destinations (%), 2014
                                                                                                                                                                                                                                                                                                                                                                  • Figure 51: Group Travel turnover breakdown, by source markets & destinations (%), 2014
                                                                                                                                                                                                                                                                                                                                                                  • Figure 52: Destination Management Specialists’ turnover breakdown, by source markets & destinations (%), 2014
                                                                                                                                                                                                                                                                                                                                                                  • Figure 53: VFS global turnover breakdown, by source markets & destinations (%), 2014
                                                                                                                                                                                                                                                                                                                                                                • Outlook
                                                                                                                                                                                                                                                                                                                                                                • DER Touristik

                                                                                                                                                                                                                                                                                                                                                                    • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                      • DER Touristik to expand with Kuoni deal
                                                                                                                                                                                                                                                                                                                                                                        • Present in all major outbound markets
                                                                                                                                                                                                                                                                                                                                                                          • Internationalisation and cross-border synergy
                                                                                                                                                                                                                                                                                                                                                                            • DER Touristik brands
                                                                                                                                                                                                                                                                                                                                                                              • Dertour
                                                                                                                                                                                                                                                                                                                                                                                • Meier’s Weltreisen
                                                                                                                                                                                                                                                                                                                                                                                  • ADAC Reisen
                                                                                                                                                                                                                                                                                                                                                                                    • ITS
                                                                                                                                                                                                                                                                                                                                                                                      • Jahn Reisen
                                                                                                                                                                                                                                                                                                                                                                                        • Clevertours.com
                                                                                                                                                                                                                                                                                                                                                                                          • Travelix
                                                                                                                                                                                                                                                                                                                                                                                            • Travel agency network
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 54: DER Touristik’s travel agency network, by structure, 2014
                                                                                                                                                                                                                                                                                                                                                                                              • DER.COM combines technology with high-touch service
                                                                                                                                                                                                                                                                                                                                                                                                • Leading destinations
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 55: DER Touristik’s top-selling destinations, by type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                • Hotels
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 56: DER Touristik’s hotels & investments hotel portfolio, 2014
                                                                                                                                                                                                                                                                                                                                                                                                • Club Calimera
                                                                                                                                                                                                                                                                                                                                                                                                  • PrimaSol Hotels
                                                                                                                                                                                                                                                                                                                                                                                                    • lti hotels
                                                                                                                                                                                                                                                                                                                                                                                                      • Destination agencies
                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                          • Post-merger integration of Kuoni assets
                                                                                                                                                                                                                                                                                                                                                                                                            • Expected turnaround at Apollo
                                                                                                                                                                                                                                                                                                                                                                                                              • Switzerland to become the group’s second market
                                                                                                                                                                                                                                                                                                                                                                                                              • FTI Touristik

                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                    • FTI business units
                                                                                                                                                                                                                                                                                                                                                                                                                      • FTI Touristik
                                                                                                                                                                                                                                                                                                                                                                                                                        • 5vorFlug
                                                                                                                                                                                                                                                                                                                                                                                                                          • BigXtra
                                                                                                                                                                                                                                                                                                                                                                                                                            • DriveFTI
                                                                                                                                                                                                                                                                                                                                                                                                                              • erf46
                                                                                                                                                                                                                                                                                                                                                                                                                                • fly.de
                                                                                                                                                                                                                                                                                                                                                                                                                                  • FTI eCom GmbH
                                                                                                                                                                                                                                                                                                                                                                                                                                    • FTI Cruises
                                                                                                                                                                                                                                                                                                                                                                                                                                      • FTI Ticketshop
                                                                                                                                                                                                                                                                                                                                                                                                                                        • FTI Voyages
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Gold by FTI
                                                                                                                                                                                                                                                                                                                                                                                                                                            • LAL
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Meeting Point International
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Meeting Point Rent-A-Car
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • reise.de
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • travianet
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • TVG
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Youtravel
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sonnenklar
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A successful summer season
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Winter season 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shuttle to El Gouna on the Red Sea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Arab Gulf destinations added
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Long haul
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • alltours

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Greece and long-haul destinations achieved double-digit growth in FY 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • alltours hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 57: alltours’ hotel portfolio, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Club Med

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A major profitability problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 58: Club Med results FY 2011-FY 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Demand flat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 59: Club Med performance indicators, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Source markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 60: Source markets, by region (000 of hotel days sold), 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Destination markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 61: Destination markets, by region (000 of hotel days sold), 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Capacity down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prices up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fosun has acquired Club Med
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fosun counting on China to drive growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Weekend resorts to be developed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A third Chinese?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 62: Trend in clients’ source markets, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 63: Club Med customers by source country/regional market, FY 2010-FY 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Core business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Controlled distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Programmes to boost direct distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Indirect sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Holiday village operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 64: Club Med’s village portfolio by structure & region, 31 October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 65: Occupancy by village grade, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 66: Revenue by region for Q1 2015, 1 November 2014-31 January 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hotelplan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 67: Hotelplan results, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 68: Hotelplan results by strategic business unit for FY 2014, ended 31 October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interhome Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Top countries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 69: Top countries & regions for Interhome holiday rentals, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Denner Reisen eliminated from Hotelplan’s brand portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Alpitour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tour operating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alpitour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Francorosso
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Villages Bravo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Viaggidea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Karambola
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Airline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Incoming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hotel management
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Oad Reizen

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Top Ten Outbound Travel Markets

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • China number one?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • China still not very important for Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 70: Top 10 countries for spending on outbound travel, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mixed prospects for other overseas markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading European Outbound Markets

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strong summer holiday sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Destination trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 71: Destinations of German holiday trips*, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 72: Top 10 domestic & foreign destinations for German holiday trips*, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Current destination trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Slump in Canary Islands bookings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slowing growth at Hurghada
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Majorca and Antalya up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Greece still demanded
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spending, transport and length of stay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 73: Spending, transport & length of stay on long holiday trips*, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • German coach firms expand international routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Type of holiday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Low growth in a saturated market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 74: Travel organisation & booking channel for long holiday trips*, 2005 & 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Use of mobile on holiday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 75: Mobile Internet access during holiday trips*, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • High-end travel on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 76: High-end holiday trips*, 2004 & 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Departure rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 77: Departure for Britons taking a holiday, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Regional trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Destination trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Travel groupings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Issues impacting tourism
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outbound trend by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 78: Trips abroad by UK residents, by region, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 79: Nights spent abroad by UK residents, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 80: UK residents expenditure (£m) on outbound trips at current prices, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Holiday trips and package tours by destination region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 81: Number of visits abroad by UK residents, by area & purpose of visit, 2010-14*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 82: Nights spent abroad by UK residents, by area & purpose of visit, 2010-14*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 83: Spending abroad by UK residents, by area & purpose of visit, 2010-14*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Average expenditure per trip and per day
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 84: Average spending abroad by UK residents per visit, 2010-14, & per day, by area & purpose of visit, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 85: Holiday booking channel* mix, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Package holidays making a comeback
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Types of holidays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 86: Top 10 types* of holiday taken in past 12 months, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ski tourism stagnating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 87: Trend in outbound ski trips from the UK, 2007/08-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tour operators gaining share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 88: UK outbound ski trips, by segment, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • France leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 89: Country mix for UK outbound ski trips, 2012/13 versus 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 90: Trend in holiday packages purchased by Russian residents, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Growth has gone into reverse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tour-operator bankruptcies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 91: Trend in the number of Russian tour operators, by market served, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outbound travel to Turkey down sharply in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • All-inclusive and free Wi-Fi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation is sapping purchasing power
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A quiet New Year holiday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More people can only afford necessities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shorter trips to save money
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • But domestic tourism is booming…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Destination trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Crimea could lose tourists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 92: Departure rate (at least one night spent away from home), 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 93: Personal trips by French residents, 14 years of age & older, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Booking channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 94: Booking channels used in France, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 95: Trips, overnights of French outbound travel by main destination, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sharp drop in tourist trips
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 96: Total trips by Italian residents, % change with 2008, 2008-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 97: Trend in Italian holiday trips & overnights, by length of stay, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain and France the leading country destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 98: Destinations of Italian holiday trips, by length of stay, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Accommodation and transport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Macro factors favour tourism in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stronger economic growth in Europe to boost leisure travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weak Euro good for incoming but could impede extra-regional outbound travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sharing economy to increase in importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The China factor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 99: Chinese arrivals in European countries during the first 10 months of 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Chinese investment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The European Leisure Travel Industry - September 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  £1,495.00 (Excl.Tax)