Abstract This thesis enhances comprehension of tourist expenditure and second-home tourism, offering new perspectives. It examines the economic impact of tourism in Italy, highlighting its contributions to GDP while addressing the issues of over-tourism and environmental degradation. The research focuses on second-home tourism, highlighting its social and economic impacts, including housing affordability and gentrification. Furthermore, the study analyses patterns of tourist expenditure, particularly among second-home visitors, and their cointegration with natural amenities tourism from 2002 to 2019. The methodology incorporates systematic literature reviews and econometric modelling to pinpoint gaps in existing research. This research examines the definitions of second homes, conducts bibliometric assessments, and analyses long-term expenditure trends, aiming to understand the interplay between expenditures on second homes and natural amenities in both inbound and outbound tourism. The thesis concludes with insights into future research and policy implications. Previous studies have explored the relationships between tourism expenditure and various factors, including location-specific attributes and satisfaction levels. This thesis research contributes to this evolving landscape, emphasising the need for holistic perspectives and informed decision-making in second-home tourism. Inbound tourism in Italy has garnered special attention to environmental concerns. This conclusion stems from the significant, positive, and high elasticity of natural amenities to second homes tourists’ expenditures of foreign tourists. Regarding outbound tourism, the elasticity between natural amenities and second-home tourists’ expenditures is also significant but negative and far from one. This suggests that Italians abroad do not appear to pose a significant environmental threat, particularly regarding second homes or under-declaration in tourist surveys.