Methodology Analysed samples Target January-December 2025 (12 months horizon): Potential travellers from Australia,Brazil, Canada, China, Japan, SouthKorea (new market) and the US. •Total respondents:7,087•Respondents likely to travel to Europe:3,273Australia (523), Brazil (593), Canada (485), China (765), Japan(217), St. Korea (313), US (377)•Respondents likely to travel long-haul but not to Europe:1,305•Respondents not planning to travel long-haul:2,509 Method •1,000 online interviews with nationalrepresentatives (18-70 years old), permarket, per wave. Significantchanges January-April 2025 (4 months horizon): •Total respondents:7,087•Respondents likely to travel to Europe:2,105Australia (290), Brazil (393), Canada (230), China (721), Japan(104), St. Korea (182), US (185 Thesignificant year-on-year changesare presented in percentage points, marked with the following symbols Increase The survey is meant to gauge travellers’ attitudes and intentions andnot to quantify demand levels. Outlook for2025 Travel horizon:January-December 2025 Mixed outlook for Europe's appeal in key overseasmarketst •Amongtravellersinkeylong-haulmarkets,63%plantotakealong-haultripinthenexttwelvemonths-adropfromlastyear’s65%.Europe,inparticular,isseeinganoticeabledeclineininterest,with44%ofrespondentsintendingtovisittheregionin2025,downfrom49%in2024. •Chinesetravellersshowthestrongesttravelintention,with61%planningatriptoEuropein2025,up4percentagepointsfrom2024,thoughnotstatisticallysignificant.WhiletravelsentimentinChinacontinuestoimprove,itremainsunderpre-pandemiclevels. •BraziliansandAustraliansfollow,with57%and54%ofrespondents,respectively,intendingtovisitEuropeinthecomingyear.However,bothmarketshaveseenasharpdeclineintravelintentcomparedtolastyear,whenfiguresstoodat64%forBraziland59%forAustralia. •InCanada,48%ofrespondentsplantovisitEurope,aslightdecreasefromthepreviousyear.RisingtravelcostsremaintheprimaryfactorhamperingmostCanadians' Intentions for long-haul travel Annual evolution(arrows indicate the significant YoY percentage point changes) Mixed outlook for Europe's appeal in key overseasmarketst Continuation •Meanwhile,travelintentionsamongUS(37%)andSouthKorean(32%)citizenshavedroppedsignificantly.TheshareofUStravellersplanningaEuropeantriphasfallenby8percentagepoints(from45%),markingthelowestlevelrecordedsince2021.Thisdeclinealignswiththesharp8.1pointsdropintheConsumerConfidenceIndex®seeninDecember2024.Whilehightravelcostsremainakeydeterrent,manyUSrespondentsalsociteapreferencefordomestictravelasanothermajorreason.SouthKoreahasseenanevensteeperdecline,withEuropeantravelintentionsdroppingby13percentagepointsfromlastyear’s45%.Travelconfidenceinthismarkethasalsoreacheditslowestlevel •InJapan,theoutboundtravelrecoveryremainsslow,mainlyduetotheweakyenandrisingtravelcosts,andwhileagradualreboundisexpected,progressremainssluggish.Japaneserespondentsremainthemosthesitantaboutlong-haultravel,withonly21%planningatriptoEuropein2025–similartolastyear. Intentions for long-haul travel Annual evolution(arrows indicate the significant YoY percentage point changes) What’s holding travellers back? •46%ofallrespondentswhodonotplanoverseastripsin2025citedthehighcostsastheprimarydeterrent.Younger(18–34)andmiddle-aged(35–49)travellersaretheonesmostdiscouragedbythefinancialdemandsoflong-haultravel. •Market-wise,Chinapresentsadifferentpicturefromothermarkets.Limitedholidaytimeisthedominantbarrier,citedby50%ofrespondentsthere.Hightravelcostsfollow,whiletheadministrativeburdenoflong-haultravel,althoughcitedbyjust8%,remainsthethirdmostnotableobstacleinthismarket.IntheUS,Japan,andAustralia,the •Almosthalf(46%)ofrespondentswhoareopentointernationaltravelbutnottoEuropeindicatedhighcostsasthemaindeterrent,somewhatconfirmingtheperceptionofEuropeasanexpensivedestination.Additionally,17%sharedaninterestinotherregions,while15%citedthetimeconstraints.Concernsovergeopoliticalinstabilityappeartohavealesserimpactontraveldecisionsthaninthepastyears-just5%ofrespondentsidentifiedRussia’swarwithUkraineasabarriertovisitingEurope- Younger travellers show thehighest intention to visit When and where to expect them? •Comparedtootheragegroups,youngertravellers(under35yearsold)arelessdecisiveabouttheirpreferredtimeoftraveltoEurope.Nearlyequal shares of the younger respondents prefer to travel •Additionally,younger respondents expressed a slightly strongerinterestinpopulardestinationscomparedtothoseover50.Theirrelativelylimited travel experience and desire to visit iconic, Despitebeinghighlytech-savvyandhavingaccesstoawiderangeofinformationchannels,respondents under 34 years old are significantlymoreinclinedthantheiroldercounterparts(47%vs35%)topurchaseall-inclusivepackagesfromTourOperatorsorTravelAgents,e.g.,including flights,accommodation,excursions, Travellers under 35 preferpurchasing completepackages for carefree entrancefees,etc.Asimilartrendisobservedwithpartialpackages,suchasthosecoveringonlyflightsoraccommodation.Thispref