A single visitor to Georgia now spends more than before the pandemic, according to research published by TBC Capital. The report, titled “Tourism on the Road to Recovery,” examines the damage COVID-19 inflicted on the sector and sets out forecasts for its return.
From USD 423 to USD 715
The study found that average revenue per visit stood at USD 423 in 2019. By 2021 that figure had risen by 69%, reaching USD 715.
TBC Capital attributes the increase to longer stays: because of the pandemic, visitors were choosing to remain in destinations for extended periods.
Which markets are growing
Revenue growth per visit was recorded from Russia, Ukraine, Armenia, Azerbaijan, Israel and Saudi Arabia.
“Between 2016 and 2019, average revenue grew relatively slowly — around 3% per year. That slow growth may be explained by the composition of Georgia's principal source markets. In 2021, average revenue per visit rose by 69%. This growth was most likely driven by longer lengths of stay, consistent with the global trend,” the report states.
Broken down by country, a slight decline was recorded for Turkey, which may be explained by the economic conditions there at the time. Revenue per visit remained almost unchanged for Israel and Saudi Arabia — the two markets from which Georgia earns the highest average revenue per visit.
What the report concludes
One of the report's findings is that Saudi Arabia, Israel and Ukraine represent growth markets for Georgia, while the European Union can be considered stable.
