SHARE
COPY LINK

BUSINESS

Indians help Sweden beat tourism slump

Tourists from the US, China and India helped Swedish tourism grow incrementally despite a slump in visits from crisis-tainted European countries.

Indians help Sweden beat tourism slump

“The unease in Europe contributed to visitor numbers from western and southern Europe decreasing during 2012,” the Agency for Economic and Regional Growth (Tillväxtverket) said in a statement.

IN PICTURES: See our pick of the top six sights in Stockholm

The only European countries whose visitors to Sweden did not drop off were Switzerland and Ireland.

Meanwhile, non-European visitors became all the more frequent. The group saw a 5.8-percent increase last year compared to 2011.

The far-flung travellers made up for the slump in European visits, allowing the Swedish tourism sector to welcome 0.4 percent more visitors overall compared to the year prior.

Measured in the number of overnight stays in Sweden, Chinese tourist numbers went up by 11.2 percent. American visits increased by 6.6 percent.

IN PICTURES: Top eight free things to do in Stockholm

Visitors from Japan also increased in numbers, but Indians crept past them in the tourist-league table.

Indian tourists thus became the third largest non-European visitor group to Sweden in 2012.

SEE ALSO: Stockholmers speak out about the best places to go as a tourist in the city

Revenue at hotels, hostels and holiday cottages increased to 19.4 billion kronor ($3 billion), an upswing of 0.8 percent since 2011.

“Tourism creates 160,000 jobs and is important to the Swedish economy,” the agency director-general Birgitta Böhlin said in a statement.

TT/The Local/at

Follow The Local on Twitter

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

BUSINESS

Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.

SHOW COMMENTS