Spain’s
tourism market performance in 2022 was about as good as could be expected.
According
to Phocuswright’s latest travel research report, Spain Travel Market Report 2022-2026, total 2022 gross bookings
represented roughly 70% of 2019 revenue.
The
market saw the rise of key performance
indicators like higher average daily rates, RevPAR in the lodging sector, growth in revenue for
airlines, a boost in rail transportation and a car rental segment exceeding expectations.
A strong
summer season and growth in online bookings fueled the rapid recovery in 2022,
with online travel agencies strengthening their position as international
travel returned.
Despite a
robust rebound, full recovery is not expected before 2026.
Nevertheless, specific segments will bounce back sooner, as
developments in hotel and rail will make them segments to watch.
For hotels, the driver of the rebound is the firm commitment to
the luxury segment among the large Spanish chains, both via new openings and
repositioning assets to serve the luxury segment. Several factors have boosted
rail transportation: a pandemic-era preference among travelers for rail over
air travel and domestic over international trips, and the recovery of business
travel.
In
addition, Spain's strategy to control the prices of the primary energy, gas, electricity and fuel supplies proved effective,
and Spain's government approved measures to provide economic protection for the
country's most vulnerable.
Looking
ahead, the report identified four strategic growth areas that will
further position the Spain travel market as a market leader in Europe:
- A diverse tourism model that better insulates the sector from disruptions that can hurt any one segment of the travel industry.
- More investment on luxury travel, which is more resilient, more profitable and less damaging for a destination.
- More competitive rail markets that should lead to expansions of services, including more high-speed routes, while reducing prices.
- Ongoing European Union funding to accelerate Spain’s digital transformation and develop more sustainable tourism plans.
Learn more!
This report
is part of the Europe Travel Market Report 2022-2026. In addition, Phocuswright analysts will share research
findings at Phocuswright Europe 2023 in Barcelona, June 12-14.