HAMBURG (dpa-AFX) - Tourists will have to be prepared for high prices when traveling in the coming years. The demand for hotel accommodation or cruises, for example, is growing more strongly than ever before, reports the Hamburg-based credit insurer Allianz. The companies operating in the industry have much greater pricing power than in the past.

Globally, around 10 percent more people are likely to travel by plane, according to the study. Europe remains by far the most important destination region for tourists worldwide, also due to the weak euro. "Real interest rates on savings remain low, so many people are putting their money into long-distance travel. US citizens are also benefiting from a stronger dollar, which gives them more purchasing power abroad," said Allianz Trade CEO Milo Bogaerts in a statement.

At 68 percent, hotel occupancy worldwide reached its highest level since the pandemic in May. The cruise business has also recovered strongly in 2023 and is expected to grow by a further 15 percent this year. The major providers expect summer 2024 to exceed summer 2019 in terms of both passenger numbers and profits./ceb/DP/men