Russians' spending on foreign travel in 2024 exceeded the pre-pandemic level

Russians will spend $37.8 billion on foreign travel in 2024, the Central Bank's press service told Izvestia. Compared to 2023, the spending of compatriots on foreign tourism increased by 10%. For the first time after the covid restrictions and the introduction of unprecedented sanctions, the spending of our citizens on trips abroad exceeded the pre-pandemic indicators. So, in 2019, when the highest level since 2014 was recorded, they amounted to about $36.2 billion.

First of all, the increase in spending on foreign travel is explained by the expansion of tourist traffic. According to Rosstat, the number of outbound trips in January-September 2024 (for 12 months the data are not yet available - Ed.) increased in annual terms by more than 7% from 19.7 million to 21.1 million. However, the pre-pandemic figures - 35.2 million for the period - are still far away. This suggests that the increase in spending on foreign tourism is also associated with the rise in prices for such trips.

Experts also attribute the increase in spending on foreign tourism to the pandemic pent-up demand, developed infrastructures and, as a result, more moderate cost compared to domestic travel, as well as the ability to choose the time for beach vacations.