Change has reached the summer season

12.9.2025

Dear Insider,

Change is here, holiday patterns are collapsing... These are the headlines of the two articles about the current summer season. Four authors describe the mood in eight countries (Germany, Austria, Switzerland, Spain, Italy, France, Belgium and the Netherlands). No country is cheering, the positive news is always followed by a "but". Germany is moving backwards, which was to be expected. Italians are looking forward to summer, but the mountains are taking over from the beaches. Spain remains the sunshine of Europe, France gets a cold shower.

What moved me: The Spaniards and the French complain that they can no longer afford an island holiday in their own country. Is this the next trigger for even more protests against tourism? One thing has bothered me for a long while: Time and again, associations such as hotel groups draw comparisons between 2025 and pre-Covid. Hello! This no longer works. Today, the hotel industry operates in a completely different environment; an environment that in 2019 certainly could not have even been imagined. Let’s put an end to these illogical conclusions! Brilliant figures in large volumes secure the show, but not the profit backstage.

In Italy, international hotel investors are already channelling their capital into fewer and new segments, e.g. outdoor tourism, new types of hostels, branded residences and serviced apartments. In a nutshell: They invest for those on a smaller budget as well as for the bulging wallets of the wealthy. Capital follows the social divide. Massimiliano Sarti on the latest real estate trend in his home country.

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Dear Insider,

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