The impact of the EUR/AUD currency exchange rate on the travel decisions of Germans visiting Australia
This project specifically examines the exchange rate dynamics between the Euro (EUR) and the Australian dollar (AUD) alongside the number of German tourists to Australia over twenty years from Jan 2000 to Aug 2023. The objective is to find whether there exists a correlation between the EUR/AUD exchange rate and the travel patterns of German citizens to Australia. If the EUR/AUD exchange rate allows for a stronger purchasing power of the Euro compared to the Australian Dollar, will German individuals be willing to travel more to Australia to fully capitalize on this currency advantage?
To explore this question, the evolution of the exchange rate between EUR and AUD, as well as the statistics regarding German tourist arrivals in Australia will be examined. Subsequently, a comparison and correlation analysis between the exchange rate and tourist numbers is conducted. Based on the analysis within the observed time frame, it can be concluded that the EUR/AUD exchange rate does not have a clear impact on the travel decisions of German tourists to Australia.
Link to final report: https://github.com/jinzhangfau/made-template/blob/main/project/report.ipynb
File "slides" and "presentation-video" under project folder https://github.com/jinzhangfau/made-template/blob/main/project
Datasets are obtained from open data sources.
Data URL: https://data.ecb.europa.eu/data/datasets/EXR/EXR.M.AUD.EUR.SP00.A
It is provided by the European Central Bank showing the exchange rate between euro and Australian dollar over time.
It is provided by the Australian Bureau of Statistics showing Visitor arrivals and resident returns from selected Countries of Residence/Destinations.