Accounting for the instability of tourism income elasticities in the European Union‐15 since 2004, estimations show that income elasticities in the period 2004–2014 were greater in slow‐growth periods (above 1) than in fast‐growth periods (below 1). Due to the gradual deterioration of the economic environment since 2004, the small income improvements in the fast‐growth periods were used relatively more for satisfying pent‐up demand for necessary consumer goods or precautionary savings than for traveling abroad. The relatively high income elasticities in the slow‐growth periods resulted from negative adjustments due to the effects of the economic downturn.