Growing inflation and fluctuating franc rates have become pressing economic concerns in recent times. While usually, this should’ve affected the tourism industry as well, Switzerland is apparently facing the lucky side of the coin. Ignoring the growing rates, Switzerland hotels have witnessed a 33% rise in revenue. Especially from Asian travellers.
Switzerland Hotels See Rise Since COVID Despite Growing Franc Rates
In the first half of the year, Switzerland attracted a surge of international visitors. The demand from Asia doubled, as tourists ignored the impact of the strong franc. And eagerly spent their savings from the Covid pandemic on trips, reported Hindustan Times.
On August 4, the Swiss statistics agency reported a significant 33% increase in overnight stays by foreigners at hotels. This is when compared to the previous year, reaching 9.4 million. From January to June, the total number of nights booked rose by almost 14% to 19.5 million.
With the domestic market remaining steady, state the reports. Switzerland’s tourism sector feels optimistic as the figures show a rebound in spending, resulting in the best winter season on record. However, foreign demand remains 7.5% lower than the pre-pandemic period in 2019.
Asian visitors to Swiss hotels doubled their overnight stays to 864,000, with the most significant growth observed among Chinese guests. The hotels experienced a threefold surge to 114,000 from the previous year, said Hindustan Times.
The US had the highest number of hotel visitors overall, witnessing a 53% increase to 452,000 nights, stated the report. As per the reports, in the year to date, the Swiss franc has emerged as the top-performing currency among the Group-10.
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What Is The Current Status Of The Rising Currency?
It has soared against both the dollar and the euro. Since November, it has seen an impressive 16% gain against the greenback, reaching as high as $1.145 on August 4. This surge in value has drawn attention and interest from investors and analysts alike.
As the Swiss franc continues to make significant gains, it is also asserting a position as a formidable currency, state reports.
In conclusion, Switzerland’s tourism sector is showing signs of recovery, with a significant increase in international visitors and overnight stays. Despite some challenges, the industry is optimistic about its future growth.
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With its stunning landscapes, vibrant culture, and exceptional hospitality, Switzerland continues to attract travellers from around the world. And at the rate, the data shows its growth, it only seems to be solidifying its position as a top destination.
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