articles | 12 January 2022

October tourist spending hits record high

October 2021 was the most profitable October for the tourism sector as income from tourists holidaying on the island hit an all-time high for the month.

According to data by the Cyprus Statistical Service, revenue from tourism in October exceeded those recorded for the same month pre-coronavirus.

It crushed income recorded in 2019, which saw record tourist arrivals.

Revenues from tourism in October was €310.2 million, up from €77.4 million in October 2020, recording an increase of 300.8%.

A small increase of 3.6% was recorded compared to tourist spending in October 2019 of €299.4 million.

Last October, the increase in tourism revenues was largely due to the jump in visitors, as it was the best month for arrivals, surpassing July and August.

Arrivals in October reached 391,638, an increase of 288.6% from 2020.

Compared to October 2019, tourist arrivals were only by 10.3% less.

In the first nine months of 2021, the average amount tourists spent was €804, compared to €685 in January-September 2019, recording an increase of about 17%.

October’s tourism revenues ensured the shortfall was restricted to 46.5% from 2019.

For January – October 2021, revenues from tourism are estimated at €1.35 billion compared to €376.3 million in 2020, an increase of 260.2%.

Compared to the same 10-months of 2019, there is a 46.5% revenue decrease (€2.5 billion).

In November, arrivals reached 148,973 from 8,952 in 2020 and 169,392 in November 2019.

For the 11 months January – November 2021, tourist arrivals reached 1.84 million compared to 621,927 in 2020, an increase of 195.9%.

There was a decline of 52.4% compared to January – November 2019 (3,866,447 arrivals).

Source: Financial Mirror


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