Home News Spain Expects Tourism Revenue to Exceed Pre-Pandemic Levels by 2023

Spain Expects Tourism Revenue to Exceed Pre-Pandemic Levels by 2023

According to a new industry study, revenue from tourism companies in Spain is expected to increase by 4.7 percent over totals recorded in 2019, before the coronavirus pandemic shut down international travel.

According to Reuters.com, industry group Exceltur discovered that Spain’s hotels, resorts, transportation companies, car rentals, and entertainment businesses are experiencing a surge in 2023 bookings, which would help the country outpace its tourism numbers for 2019.

“The picture is hopeful,” Exceltur Vice President Jose Luis Zoreda said. “It seems that the desire to travel has prevailed and some firms are telling us that consumers would rather stop buying a shirt or an appliance than stop traveling.”

Despite the travel industry’s rebound, tourism numbers in 2022 remained 2.1 percent lower than in 2019. While hotel revenue was up 7% from pre-pandemic levels, transportation revenue was down 5% from the previous year.

Inflation, higher fuel costs, and wage increases all had an impact on the bottom line of tourism companies in Spain, but the average price increased by 6.6 percent in 2022. If projected growth rates are met, tourism will account for approximately 12.2 percent of the country’s gross domestic product.

Furthermore, Exceltur discovered that Central European and Mexican visitors boosted the Spanish economy last year, and tourism officials anticipate a surge in visitors from the United States and the United Kingdom in 2023.

Spain announced a new visa scheme that will allow non-nationals from outside the European Economic Area (EEA) who work for foreign employers to live in the country without the need for a full work visa, which is expected to go into effect in January.





Source : travelpulse