TOURISM FLOWS OUTBOUND IN GERMANY Euromonitor International September 2014
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t I LIST OF CONTENTS AND TABLES Tourism Flows Outbound in Germany - Category analysis... 1 Headlines... 1 Trends... 1 Prospects... 2 Category Data... 2 Table 1 Departures by Destination: Number of Trips 2008-2013... 2 Table 2 Departures by Mode of Transport: Number of Trips 2008-2013... 3 Table 3 Departures by Purpose of Visit: Number of Trips 2008-2013... 3 Table 4 Business Departures by MICE Penetration: Number of Trips 2008-2013... 3 Table 5 Leisure Departures by Type: % Trips 2008-2013... 3 Table 6 Outgoing Tourist Expenditure by Geography: Value 2008-2013... 3 Table 7 Outgoing Tourist Expenditure by Category: Value 2008-2013... 4 Table 8 Method of Payment for Outgoing Tourism Spending: % Value 2008-2013... 4 Table 9 Forecast Departures by Destination: Number of Trips 2013-2018... 5 Table 10 Forecast Departures by Mode of Transport: Number of Trips 2013-2018... 5 Table 11 Forecast Departures by Purpose of Visit: Number of Trips 2013-2018... 5 Table 12 Forecast Outgoing Tourist Expenditure by Geography: Value 2013-2018... 6 Travel and Tourism in Germany - Industry Overview... 7 Executive Summary... 7 Further Growth of Travel and Tourism in Germany in 2013... 7 Online and Social Media Developments Also Influence the Industry... 7 Affordable Value-for-money Deals Key To Luring Consumers... 7 Ongoing Further Development Expected Over the Forecast Period... 7 SWOT... 7 Summary 1 Germany: SWOT... 8 Demand Factors... 8 Table 13 Leave Entitlement: Volume 2008-2013... 8 Table 14 Holiday Takers by Age 2008-2013... 8 Table 15 Seasonality of Trips: % Breakdown 2008-2013... 9 Balance of Payments... 9 Table 16 Balance of Tourism Payments: Value 2008-2013... 9 Definitions... 9 Sources... 10 Summary 2 Research Sources... 10
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 1 TOURISM FLOWS OUTBOUND IN GERMANY - CATEGORY ANALYSIS HEADLINES In 2013 both number of trips and total value sales increase for the fourth consecutive year Growth supported by huge importance of at least one trip abroad to most Germans Further growth of 1% annually in terms of number of trips expected over the forecast period TRENDS Outbound tourism, both in terms of number of trips and retail value sales, increased for the fourth consecutive year in 2013. Average spend per trip also increased. The economic climate remained despite rather unfortunate developments in many other Western European countries quite favourable in Germany, and therefore most Germans were able to travel abroad at least once. For a large majority of the German population, the annual (usually summer) holiday remained of prime importance. As a rule of thumb, around two-thirds of Germans have the financial means to travel as often as they want, whereas the other third is less fortunate and can only afford trips occasionally or not at all. This third is also much less likely to travel for business reasons as these people tend to have low-paid jobs or are not in employment at all. As a result, in 2013, of the more than 80 million Germans, a little more than 60 million went on at least one trip. The German economy depends on exports, which is why business trips to international customers are of huge importance. Staff working in marketing and sales, but also those with expert knowledge of the exported products, like engineers, therefore have to travel abroad quite often. Overall, leisure departures continued to significantly outnumber business departures in 2013. For leisure, air and land departures were equally important, with rail departures accounting for a significantly smaller share. As a rule, when visiting neighbouring countries, Germans travelled by land, whereas destinations in the Mediterranean were usually reached by air. For business, air was the favoured mode of transportation. The most popular outbound destinations for Germans in 2013 remained Austria, Spain, Italy, France and Turkey. While Austria was more often a winter destination (mainly for skiing and similar activities), the other four were especially popular as summer destinations. The strongest growth rates in 2013 were seen by the Czech Republic (recovering from a decline every year since 2006), the UK (recovering from a rather strong decline in 2012), Austria (which is also becoming increasingly popular as a summer destination) and Turkey (with an ongoing boom due to very low prices). The most popular outbound destinations for Germans were also the destinations with the highest outgoing spending overall in 2013. All demographic groups performed well. In an ageing society, older people in particular were increasingly targeted by many tourism markets abroad, for example via the offer of services custom-tailored to their needs.
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 2 Compared to leisure travel, outbound business travel registered slightly weaker growth once again in 2013, mainly due to the fact that companies remained rather cautious with their spending in the current economic climate. PROSPECTS Over the forecast period, and despite the high level already reached, outbound travel is nevertheless expected to see a further increase. The number of trips is set to rise further despite factors such as demographic trends (older people are often less willing to travel abroad) and a tendency towards shorter trips. However, as mentioned above, for most Germans at least one annual trip abroad (usually to a destination somewhere in the Mediterranean) is very important. The major threat to the future development of outbound tourism is a potential weakening of the German economy or even another recession, which would mean that both leisure and business trips would be significantly reduced. Against a background of the high number of trips already reached, those destinations which offer good value for money will have the most potential. Apart from fairly traditional destinations such as Spain and Turkey, good performances are expected for Eastern European countries such as the Czech Republic, Poland and Hungary. Despite the fact that the Iron Curtain has been down for more than two decades, many Germans have still never been to Eastern Europe. CATEGORY DATA Table 1 Departures by Destination: Number of Trips 2008-2013 Austria 9,816.6 10,650.4 10,725.0 10,928.8 11,409.6 12,105.6 Brazil 430.8 404.1 425.1 432.7 441.8 448.5 China 365.5 354.2 377.4 382.1 390.2 397.2 Czech Republic 1,646.6 1,433.9 1,376.5 1,349.0 1,335.5 1,455.7 Denmark 1,868.1 1,712.1 1,754.9 1,785.6 1,826.7 1,855.0 France 8,564.9 8,104.9 7,925.0 7,837.8 8,139.6 8,001.2 Greece 2,361.2 2,243.3 2,232.1 2,039.2 1,918.9 1,879.6 Hungary 1,286.5 1,083.2 1,050.7 1,013.9 1,082.9 1,120.8 India 126.6 130.6 144.5 156.5 166.2 174.2 Italy 8,981.8 8,517.9 8,875.7 9,008.8 9,567.3 9,275.5 Netherlands 3,011.1 2,931.9 2,887.9 2,870.6 2,971.1 2,957.7 Poland 2,692.8 2,501.4 2,563.9 2,620.3 2,685.9 2,744.9 Russia 592.6 573.6 612.3 620.2 630.2 642.1 Spain 10,022.8 8,935.0 8,813.7 9,030.5 9,382.7 9,683.0 Switzerland 4,152.7 4,004.5 3,944.4 3,593.4 3,597.0 3,481.9 Turkey 4,240.7 4,488.5 4,385.5 4,826.2 4,946.9 5,238.8 United Kingdom 2,465.0 2,363.0 2,550.0 2,598.5 2,408.8 2,558.1 USA 1,598.0 1,518.7 1,495.9 1,581.2 1,609.6 1,632.2 Other Destinations 25,299.0 24,194.5 26,177.0 26,768.7 27,571.8 28,343.8 Departures 89,523.3 86,145.6 88,317.5 89,444.2 92,082.6 93,995.7
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 3 Table 2 Departures by Mode of Transport: Number of Trips 2008-2013 Air 45,139.2 42,878.0 44,572.0 45,097.8 46,428.0 47,392.6 Land 40,953.7 39,923.2 40,412.3 41,028.0 42,247.5 43,181.6 Rail 3,381.5 3,296.5 3,287.5 3,264.7 3,324.2 3,355.6 Sea 48.9 47.9 45.8 53.7 82.9 65.8 Departures 89,523.3 86,145.6 88,317.5 89,444.2 92,082.6 93,995.7 Table 3 Departures by Purpose of Visit: Number of Trips 2008-2013 Business 13,983.7 12,967.1 13,364.0 13,363.0 13,674.3 13,883.2 Leisure 75,539.7 73,178.6 74,953.5 76,081.2 78,408.3 80,112.5 Departures 89,523.3 86,145.6 88,317.5 89,444.2 92,082.6 93,995.7 Table 4 Business Departures by MICE Penetration: Number of Trips 2008-2013 MICE 3,318.6 3,244.3 3,477.3 3,494.4 3,603.2 3,679.0 Other Business Travel 10,665.0 9,722.8 9,886.7 9,868.5 10,071.1 10,204.1 Total 13,983.7 12,967.1 13,364.0 13,363.0 13,674.3 13,883.2 Note: MICE refers to meetings, incentives, conventions, exhibitions Table 5 Leisure Departures by Type: % Trips 2008-2013 % number of trips Singles 10.4 10.5 10.9 11.0 11.1 11.2 Couples 25.4 25.5 25.6 25.7 25.9 26.0 Families 21.1 20.9 19.8 19.7 19.6 19.5 Group 16.9 16.7 16.4 16.4 16.3 16.2 Others 26.1 26.4 27.4 27.2 27.1 27.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 Table 6 Outgoing Tourist Expenditure by Geography: Value 2008-2013
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 4 EUR million Austria 6,581.1 6,714.8 6,792.9 6,838.8 7,249.2 7,901.6 Brazil 711.3 706.8 764.1 801.0 825.2 856.5 China 556.7 581.0 673.9 740.3 779.6 794.4 Czech Republic 1,719.5 1,635.3 1,678.7 1,662.7 1,607.8 1,911.7 Denmark 1,008.2 928.4 926.6 940.6 960.3 996.8 France 4,032.8 4,043.3 4,091.4 4,102.1 4,290.8 4,179.2 Greece 1,756.6 1,731.1 1,750.9 1,747.6 1,691.7 1,681.6 Hungary 865.9 766.7 776.2 788.9 822.0 858.2 India 191.7 209.6 252.7 279.1 293.1 308.3 Italy 6,160.5 5,618.6 5,667.8 5,734.4 6,405.4 6,110.7 Netherlands 2,832.8 2,761.4 2,761.7 2,803.5 2,963.3 2,957.4 Poland 2,127.7 1,988.7 2,003.6 2,032.8 2,097.9 2,194.4 Russia 711.3 748.8 872.4 952.7 1,006.1 1,052.3 Spain 7,131.6 6,373.4 6,425.9 6,523.3 6,445.0 6,535.2 Switzerland 2,733.9 2,557.7 2,551.1 2,542.6 2,534.9 2,367.6 Turkey 3,222.5 3,096.8 3,110.7 3,185.8 3,224.0 3,617.4 United Kingdom 1,373.1 1,371.7 1,576.4 1,614.1 1,378.5 1,550.8 USA 2,975.1 3,036.9 3,080.6 3,125.1 3,237.6 3,318.6 Other Countries 15,160.0 15,028.9 14,410.1 14,266.3 15,065.2 15,833.5 Outgoing Tourist 61,852.5 59,900.0 60,167.6 60,681.7 62,877.4 65,026.1 Expenditure Table 7 Outgoing Tourist Expenditure by Category: Value 2008-2013 EUR million Accommodation 24,555.4 23,660.5 24,150.2 24,415.8 25,368.0 26,306.6 Entertainment 4,762.6 4,672.2 4,592.8 4,597.4 4,762.9 4,924.8 Excursions 6,061.5 5,930.1 5,817.4 5,852.3 6,016.2 6,172.6 Food 11,628.3 11,141.4 11,457.0 11,479.9 11,858.8 12,226.4 Shopping 8,844.9 8,625.6 8,261.1 8,409.8 8,754.6 9,096.0 Travel Within Country 5,010.1 4,851.9 4,864.0 4,893.2 5,049.8 5,201.3 Other Outgoing Tourist 989.6 1,018.3 1,025.1 1,033.3 1,067.2 1,098.4 Expenditure Outgoing Tourist 61,852.5 59,900.0 60,167.6 60,681.7 62,877.4 65,026.1 Expenditure Note 1: Note 2: Note 3: Entertainment includes attractions, theatres, guided city tours, etc Food includes restaurants Other outgoing tourist expenditure includes travel agent services Table 8 Method of Payment for Outgoing Tourism Spending: % Value 2008-2013 % value Cash 75.2 75.1 75.0 74.8 74.6 74.5 Credit Card 1.0 1.0 1.0 1.0 1.0 1.0 Charge Card 16.1 16.2 16.1 16.3 16.4 16.5 Debit Card 5.6 5.6 6.1 6.2 6.4 6.5
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 5 Traveller's Cheques 1.6 1.5 1.2 1.1 1.0 0.9 Prepaid Cards 0.5 0.6 0.6 0.6 0.6 0.6 Total 100.0 100.0 100.0 100.0 100.0 100.0 Note 1: Note 2: Direct purchases only Table represents method used at time of purchase Table 9 Forecast Departures by Destination: Number of Trips 2013-2018 2013 2014 2015 2016 2017 2018 Austria 12,105.6 12,293.3 12,446.9 12,565.2 12,653.1 12,710.1 Brazil 448.5 453.2 456.8 459.5 461.7 463.2 China 397.2 402.3 406.3 408.9 410.9 412.2 Czech Republic 1,455.7 1,491.2 1,520.3 1,544.8 1,565.2 1,581.1 Denmark 1,855.0 1,876.3 1,890.4 1,899.9 1,906.5 1,910.3 France 8,001.2 7,917.2 7,842.0 7,791.0 7,759.8 7,742.8 Greece 1,879.6 1,856.5 1,841.6 1,831.3 1,824.0 1,819.8 Hungary 1,120.8 1,146.0 1,161.4 1,173.2 1,183.1 1,190.3 India 174.2 179.6 183.9 187.3 189.8 191.5 Italy 9,275.5 9,049.2 8,882.7 8,748.6 8,641.0 8,574.4 Netherlands 2,957.7 2,948.8 2,942.9 2,946.5 2,953.8 2,964.7 Poland 2,744.9 2,790.2 2,827.1 2,857.9 2,883.9 2,904.7 Russia 642.1 650.0 655.8 659.4 662.1 663.7 Spain 9,683.0 9,862.1 10,006.1 10,126.1 10,216.3 10,281.7 Switzerland 3,481.9 3,438.7 3,404.0 3,375.4 3,354.1 3,337.3 Turkey 5,238.8 5,460.4 5,635.6 5,776.5 5,889.8 5,974.6 United Kingdom 2,558.1 2,632.5 2,691.0 2,735.1 2,771.5 2,798.4 USA 1,632.2 1,649.3 1,663.8 1,675.6 1,683.4 1,687.2 Other Destinations 28,343.8 28,902.1 29,373.2 29,761.0 30,076.4 30,317.0 Departures 93,995.7 94,999.0 95,831.8 96,523.1 97,086.3 97,525.0 Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 10 Forecast Departures by Mode of Transport: Number of Trips 2013-2018 2013 2014 2015 2016 2017 2018 Air 47,392.6 47,898.5 48,328.0 48,676.6 48,970.3 49,191.6 Land 43,181.6 43,671.0 44,063.5 44,400.6 44,679.1 44,900.5 Rail 3,355.6 3,353.5 3,363.7 3,359.0 3,349.5 3,335.4 Sea 65.8 76.0 76.7 86.9 87.4 97.5 Departures 93,995.7 94,999.0 95,831.8 96,523.1 97,086.3 97,525.0 Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 11 Forecast Departures by Purpose of Visit: Number of Trips 2013-2018 2013 2014 2015 2016 2017 2018 Business 13,883.2 13,955.3 14,020.2 14,063.4 14,096.9 14,111.9
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 6 Leisure 80,112.5 81,043.6 81,811.6 82,459.7 82,989.4 83,413.1 Departures 93,995.7 94,999.0 95,831.8 96,523.1 97,086.3 97,525.0 Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 12 Forecast Outgoing Tourist Expenditure by Geography: Value 2013-2018 EUR million 2013 2014 2015 2016 2017 2018 Austria 7,901.6 8,158.4 8,359.1 8,509.5 8,632.9 8,721.0 Brazil 856.5 869.8 880.0 886.2 891.6 895.6 China 794.4 790.8 789.8 790.8 792.8 795.5 Czech Republic 1,911.7 1,962.5 2,007.7 2,046.2 2,077.9 2,103.5 Denmark 996.8 1,006.1 1,014.0 1,020.4 1,025.5 1,028.1 France 4,179.2 4,030.4 3,925.6 3,857.0 3,805.3 3,766.5 Greece 1,681.6 1,630.8 1,589.0 1,555.3 1,532.3 1,515.6 Hungary 858.2 868.4 876.5 882.1 886.0 888.0 India 308.3 315.1 319.3 322.7 325.4 327.6 Italy 6,110.7 5,728.8 5,508.2 5,329.8 5,199.7 5,112.4 Netherlands 2,957.4 2,902.7 2,855.6 2,821.4 2,796.0 2,777.5 Poland 2,194.4 2,224.7 2,249.1 2,269.2 2,284.4 2,294.6 Russia 1,052.3 1,074.6 1,090.2 1,102.4 1,110.7 1,115.1 Spain 6,535.2 6,512.4 6,499.3 6,507.1 6,522.1 6,544.3 Switzerland 2,367.6 2,239.3 2,166.8 2,120.8 2,089.0 2,067.7 Turkey 3,617.4 3,737.8 3,839.1 3,920.5 3,981.7 4,026.2 United Kingdom 1,550.8 1,586.3 1,614.1 1,633.7 1,649.9 1,661.5 USA 3,318.6 3,339.1 3,356.5 3,370.3 3,381.4 3,387.8 Other Countries 15,833.5 16,169.2 16,431.1 16,605.3 16,746.4 16,825.1 Outgoing Tourist 65,026.1 65,147.1 65,371.2 65,550.7 65,731.0 65,853.6 Expenditure Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 7 TRAVEL AND TOURISM IN GERMANY - INDUSTRY OVERVIEW EXECUTIVE SUMMARY Further Growth of Travel and Tourism in Germany in 2013 2013 was the fourth positive year in a row for travel and tourism in Germany, with the industry continuing its recovery after a setback in the context of the global economic and financial crisis and the subsequent recession in 2009. Domestic, inbound and outbound tourism flows all saw ongoing positive development both in terms of trips and total value sales. Domestic and outbound tourism continued to benefit from the huge importance of holidays for Germans in general as well as rather strong consumer confidence since the recession. Inbound tourism was able to further grow due to increasing awareness abroad of Germany as an attractive and good value-for-money destination. Online and Social Media Developments Also Influence the Industry The percentage of total value sales generated online compared to offline continued to grow in 2013, although after considerable growth during the review period as a whole rates were much lower than, for example, during the early years of the review period. The online channel no longer only meant accessing the internet via a desktop, laptop or netbook but also increasingly via smartphones or tablet computers. Similarly, social media websites like Facebook, Twitter and YouTube became increasingly important for all players in the travel and tourism industry. Affordable Value-for-money Deals Key To Luring Consumers Low prices, or at least good value for money, continued to be of great importance for companies offering products and/or services in the travel and tourism industry in Germany, a trend which rather intensified than slowed towards the end of the review period. Domestic and outbound tourism thereby were mainly influenced by the above-average price-sensitivity of Germans, as well as strong competition between different players. Inbound tourism, meanwhile, also saw a certain focus on that topic due to the fact that one of the key selling arguments of the German national tourism office (DZT) was the affordability and good value for money offered by Germany as a tourist destination. Ongoing Further Development Expected Over the Forecast Period It is widely agreed by industry experts that the positive development of travel and tourism in Germany will continue over the forecast period. Growth rates in most areas are very likely to be somewhat slower due to the fact that after four quite successful years these are measured against a considerably higher base. However, the overall outlook is quite bright, with the stable incomes of German consumers supporting both domestic and outbound trips. Meanwhile, inbound tourists are also expected to continue to steadily flow into Germany to round off overall healthy prospects for the industry as a whole. SWOT
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 8 Summary 1 Strengths Weaknesses Opportunities Threats Germany: SWOT Excellent value for money (both in urban and rural areas), especially when compared to other Western European countries Considerable number of historical and cultural attractions, many quite different regions and cities Slight disadvantages regarding service quality compared to countries where tourism has a higher significance for the gross national product Rather low awareness of Germany as a holiday destination in most other countries Considerable growth potential if awareness of Germany as a destination for travel and tourism can be improved State-of-the-art infrastructure for all businessrelated purposes, including MICE Like most other countries, overall development of travel and tourism in Germany depends to a certain degree on economic performance Prices might have to be raised due to increasing costs (for example for energy), which could negatively influence competitiveness Euromonitor International DEMAND FACTORS Table 13 Leave Entitlement: Volume 2008-2013 Paid Holiday 24.0 24.0 24.0 24.0 24.0 24.0 Public Holidays On 9.0 7.0 5.0 5.0 8.0 9.0 Working Days Public Holidays Not On - 2.0 4.0 4.0 1.0 - Working Days Leave Entitlement 33.0 33.0 33.0 33.0 33.0 33.0 Euromonitor International from official statistics Table 14 Holiday Takers by Age 2008-2013 '000 persons 0-14 4,589.8 4,456.0 4,400.7 4,339.1 4,291.4 4,238.6 15-24 7,451.0 7,270.3 7,510.5 7,570.0 7,780.0 7,840.7 25-34 7,272.2 7,094.4 7,158.5 7,340.0 7,450.0 7,499.9 35-49 17,405.5 17,179.1 16,898.7 16,770.0 16,730.0 16,646.4
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 9 50-64 13,054.1 12,899.0 12,967.4 13,290.0 13,460.0 13,602.7 Over 65 9,835.3 9,732.9 9,740.2 9,980.0 10,160.0 10,322.6 Total 59,607.9 58,631.7 58,676.0 59,289.1 59,871.4 60,150.8 Note: Euromonitor International from official statistics, trade associations, trade press, trade interviews Age of national tourists (domestic and outbound) Table 15 Seasonality of Trips: % Breakdown 2008-2013 % number of people January 4.6 4.7 4.6 4.5 4.6 4.7 February 5.1 5.2 5.0 5.2 5.1 5.0 March 7.0 6.8 6.7 6.6 6.5 6.4 April 6.7 7.0 7.4 7.5 7.6 7.7 May 9.4 9.6 9.5 9.6 9.5 9.4 June 9.6 9.5 9.6 9.7 9.8 9.9 July 10.9 11.0 11.2 11.4 11.4 11.5 August 12.4 12.3 12.4 12.3 12.2 12.1 September 10.4 10.3 10.3 10.2 10.1 10.0 October 9.2 9.1 9.0 8.9 8.9 8.8 November 7.4 7.3 7.1 7.0 7.1 7.2 December 7.3 7.2 7.2 7.1 7.2 7.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 Note: Euromonitor International from official statistics, trade associations, trade press, trade interviews For national tourists (domestic and outbound) BALANCE OF PAYMENTS Table 16 Balance of Tourism Payments: Value 2008-2013 EUR million Receipts Expenditure Balance 2008 26,850.0 61,852.5-35,002.5 2009 24,900.0 59,900.0-35,000.0 2010 25,700.0 60,167.6-34,467.6 2011 27,403.6 60,681.7-33,278.1 2012 28,915.1 62,877.4-33,962.3 2013 30,198.4 65,026.1-34,827.8 Euromonitor International from official statistics, trade associations, trade press, trade interviews DEFINITIONS Explanations of words and/or terminology used in this report are as follows: DEHOGA (Deutscher Hotel- und Gaststättenverband): German trade association for the hotel industry and foodservice businesses DZT (Deutsche Zentrale für Tourismus): German national tourism office VIR (Verband Internet Reisevertrieb): German trade association for internet travel and tourism services
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 10 SOURCES Sources used during research include the following: Summary 2 Official Sources Research Sources A&O Hostel BCD Travel Germany GmbH Bundesbank DER Reisebüro Deutscher Sparkassen- & Giroverband Drosselgasse Rüdesheim Europcar Germany Frosch Touristik GmbH Germania Fluggesellschaft GmbH Hertz Autovermietung GmbH HI Hamburg International Luftverkehrsgesellschaft mbh & Co Betriebs- KG Holiday Autos GmbH Hospitality Alliance AG Karstadt Quelle AG LB Consulting LTU International Airways NAZAR Holiday Reiseveranstaltung GmbH Öger Tours GmbH Reiseland GmbH Seetours (German Branch Of P&O Princess Cruises International) Sixt AG TQ3 Travel Solutions Management Holding GmbH Unirent Autovermietung GmbH Wellness Hotels Deutschland Trade Associations BAT Stiftung für Zukunftsfragen CC UniRent System GmbH Deutsche Zentrale für Tourismus ev Deutscher Wellnessverband ev Eurowings Luftverkehrs AG Neue Dorint GmbH NH Hoteles Deutschland GmbH RDA - INternationaler Bustouristik Verband ev
T O U R I S M F L O W S O U T B O U N D I N G E R M A N Y P a s s p o r t 11 Trade Press Steigenberger Hotels AG SunExpress AS Wellness-Hotels & Resorts GmbH ADAC Reisemonitor ADV-Bundesverband der deutschen Flughäfen AHGZ Bundesverband der Autovermieter Deutschlands ev Deutscher Tourismusverband DRV Deutscher Reisebüro & Reiseveranstalter Verband ev Forschungsgemeinschaft Urlaub & Reisen ev Qualitätsmonitor Deutschland-Tourismus VDR - Verband Deutsches Reisemanagement ev Verband deutscher Ferienhausagenturen ev v-i-r (Verband Internet Reisevertrieb) Euromonitor International