The Irish Tourism Industry Confederation (ITIC) forecasts a 5pc revenue growth in real terms for Irish tourism in 2024 in its annual outlook report.
The North American market is identified as offering the best prospects for growth in the coming year.
The report reveals that the Irish tourism industry remains strong despite domestic cost challenges and international geopolitical events.
In 2023, it is estimated that international visitors will have spent €5.3bn while visiting Ireland.
The tourism sector is the country’s largest indigenous industry, employing 254,000 people and serving as the biggest regional employer.
ITIC warned that the Government’s new law restricting short-term letting could further reduce the supply of properties available to visitors.
Eoghan O’Mara Walsh, CEO of ITIC said: “Irish tourism has a long history of responding positively to crises including 9/11, Foot and Mouth, and the financial crash. Its recovery from Covid-19, an existential challenge, further supports the reputation of resilience. Tourism showcases the best of Ireland to an international audience and the domestic market – unlike other industries it can’t be outsourced or off-shored. It provides wealth and employment across all parts of Ireland and is primarily an export industry with 75pc of Ireland’s tourism economy derived from international visitation.”
“The sector cannot be taken for granted. The 40,000 businesses in the sector are predominately SMEs and generally operate with modest profit margins. ITIC has outlined how the sector can grow responsibly in the years ahead but continued support is needed from Government and state agencies to allow businesses to prosper.”
“The risks internationally are significant in 2024 and Government can do little to influence them. However the challenges affecting the industry domestically do lie in the gift of Government and action on ameliorating cost challenges, addressing capacity concerns and improving competitiveness will all help Ireland’s tourism and hospitality industry to continue on its path to recovery.”
See full report here: https://www.itic.ie/ye23-outlook24/
