Industry Pulse Report: Tourism 2023
Executive Summary
It is encouraging to see that the Cypriot tourism sector experienced a strong rebound in 2022, along with other destinations in the Southern Mediterranean region. The promising trend was mainly driven by unleashed pent-up demand following the lifting of pandemic-related travel restrictions. There is of course still uncertainty and challenges facing the sector as a result of geopolitical conflicts, a weaker economic environment, staff shortages, inflationary pressures and increased costs.
The recovery of the Cyprus tourism sector will continue in 2023 and potentially reach 2019 levels in terms of tourist arrivals. However, lingering war-related challenges keep pushing different stakeholders to redefine their strategies. Attention is now given to bolstering the sector’s resilience by penetrating new tourist feeder markets, enhancing the quality of our offering, and further strengthening existing strong markets and relationships with key stakeholders to mitigate the loss of the Russian and Ukrainian markets.
This second edition of our Tourism Industry Pulse Report presents the most recent sector developments in Europe and Cyprus. It also consolidates and presents insights from interviewing key public and private sector stakeholders on the key factors and challenges expected to influence tourism recovery and the sector’s prospects.
For additional information with respect to this Report, please contact:
Stelios Demetriou
Partner, Strategy and Transactions Services
EY Cyprus
Andreas Anastasiou
Partner, Strategy and Transactions Services
EY Cyprus
Savvas Proestos
Senior Manager, Strategy and Transactions Services
EY Cyprus
Olena Renova
Assistant Manager, Strategy and Transactions Services
EY Cyprus
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