Russians Spend Staggering USD5.46B on Foreign Holidays

(MENAFN) Russians have set a new high for foreign travel expenditures in 2023, with a staggering $5.46 billion spent on holidays abroad in July alone, according to the Central Bank. This figure marks the largest single-month outlay since 2018, when Russia began publishing monthly foreign trade data.

From May to September, Türkiye emerged as the leading destination for Russian tourists, attracting 2.83 million visitors, or 58% of all travel agency sales. In contrast, Egypt trailed significantly with just 15% of total bookings, as reported by the Association of Tour Operators of Russia (ATOR).

Domestic travel, however, showed signs of stagnation. The Russian Union of the Tourism Industry (RST) noted that bookings within the country grew by a mere 1.1% between June and August, a sharp decline from the 15.3% growth observed during the same period in 2024.

RST head Ilya Umansky attributed the slowdown to what he called a "correction in demand after several years of rapid growth." He explained, "The strengthening of the ruble against foreign currencies made vacation offers abroad more attractive than domestic ones."

In addition to the more favorable exchange rates, Umansky pointed to high inflation and an “abnormally cold summer” in central and southern Russia as contributing factors to the drop in domestic tourism.

On the international front, Russian tour operators are experiencing a surge in demand for trips to Hainan, a popular resort in southern China. The uptick follows Beijing’s announcement of a visa-free travel program for Russian nationals, which began on September 15 as a one-year trial. ATOR reported that the visa exemption has fueled an “explosive” rise in bookings.

Russian President Vladimir Putin lauded the move as "a very significant step" and pledged to reciprocate, offering similar visa-free privileges for Chinese tourists visiting Russia.

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