Looking at the global tourist arrivals, despite all the crises (SARS, swine flu, the dotcom bubble, volcanic eruptions, financial crisis, etc.), an overall positive long-term trend with over 4% annual growth is evident. Total global tourism expenditure has reached new highs every year since 1995, with an average growth of 5.6%. China is now making an enormous contribution to global tourism value creation. Tourism is and will remain a global growth industry – but the current level of growth will not be sustainable in the medium term. The crisis has hit the industry at an absolute high. Germany as a source market will remain the most important market, especially for European tourism, and will help the German and Austrian hotel industry in particular to accelerate recovery.