In October, European hospitality extended the strong back-to-business momentum: corporate demand has taken over from a solid summer season, while urban leisure is holding up well in most major capitals. With inflation easing to around 2.1% in the euro area, performance growth remains moderate but above CPI and broadly shared. It is driven above all by large metropolitan areas and the upper segments, while the budget segment is still more exposed to purchasing-power trade-offs. Behind this overall trend, however, the European map remains mixed, with Germany finally rebounding, Spain powered by its northern cities and North-Western Europe supported by its key business destinations.
