The summer predictions are accurate, indicating a clear improvement in the sector. After the pandemic, the hotel industry has regained occupancy and revenue figures, with foreign tourism playing a crucial role in Spain. It is evident that tourism recovery in Spain is a reality. Foreign visitors have significantly contributed to this joyous moment in the hotel sector.
According to data from INE (the National Statistics Institute), the U.K. and Germany accounted for over 40% of non-resident overnight stays in July.
Tourism from foreign countries plays a significant role in Spain’s economy, especially in popular destinations like the Balearic Islands, known for their sunny beaches. According to INE, during the first seven months of the year, the number of overnight stays by foreign visitors has increased by 10.8% compared to the same period in 2022. This surge in tourism has led to high occupancy levels, with the Balearic Islands being the top choice for 9 out of 10 foreign tourists. Therefore, it’s crucial to consider the impact of foreign tourism when conducting any analysis related to the Spanish economy.
Regarding billing, the average price per occupied room in July 2023 was 128.8 euros, 6.3% higher than in the same period last year. On the other hand, five-star hotels charge an average of 298.6 euros per room compared to 275.8 euros in July 2022. Despite the price hike, foreign tourists remain steady, while domestic tourists are affected by hotel price increases. Nevertheless, society’s interest in traveling remains high, and they are unwilling to relinquish their travel plans.