The consulting and professional services firm BRAINTRUST, leader in the tourism sector, has issued a new report of its Tourism Barometer and announces a new record of foreign tourism in our country, surpassing all forecasts, reaching 91 million foreign tourists, who would leave in our country a total of about 125,000 million euros, according to data provided by the consulting firm, provided that the macro-economic environment and the geopolitical situation remain stable.
The number of foreign travelers will rise to 91 million, growing by around 7%.
According to BRAINTRUST data, Spain would again break a new record of international tourists in 2024, reaching the figure of 91 million foreign travelers, which confirms the strength of the Spain brand outside our borders, benefited by some externalities, such as the continuity of the conflict in Ukraine and the persistence of the situation in Gaza, which would continue to cause many trips to move from Eastern to Western Europe. Although it also allows us to highlight attributes of our country such as security, accommodation capacity, magnificent infrastructures, the hospitality of the local population, the modernization of Spanish companies, or the suitability of tourism as an activity, which is in a migration from a model of limited added value to a model of excellence and quality, where, although there is a long way to go, it shows that most of the companies in our country are knowing how to do their homework.
Spending by foreign tourists would soar to 125 billion euros, increasing by nearly 15%.
Spending by foreign tourists would soar to levels never seen before, as a result of a greater influx, but also due to an increase in prices due to inflation, and a very high demand that allows companies in Spain to adjust their prices with a higher percentage of margin, which would facilitate the recovery of profits after a few years in which the increase in supply and operating costs were higher than the increase in average prices.
BRAINTRUST states that spending would increase to 125,000 million, rising almost 15% over the not inconsiderable numbers of 2023, where it already increased by 25% over the year 2022. Thus, it would be growing again in all quarters, surpassing all possible forecasts, placing Spain once again leader in world tourism where it is increasingly better positioned, and making this sector a key driver of the economy, with forecasts of reaching up to 15% of GDP and 20% of direct and indirect employment generated in the coming decades, placing this industry in the spotlight of all the policies of the different governments.
For Ángel García Butragueño, Director of Tourism at BRAINTRUST: "Our data announce another record year for foreign tourism in Spain, a phenomenon that will not cease to be consistent, given the strength of our country's tourism brand. Although it is true that we are once again experiencing a return to borrowed tourists, we have a magnificent opportunity to build the loyalty of the new traveler, as long as we demonstrate that the experience in Spain is unique and different from other competing destinations. The real challenge lies in continuing to transform the industry as we welcome more and more tourists every year, we can't go on believing that this is forever. We have a responsibility to properly manage the offer, we run the risk of dying of success if prices skyrocket or service deteriorates, something that would not be tolerable, but could happen if we continue to concentrate business in mature coastal destinations, while inland Spain has an incomparable value proposition that needs to be promoted. Public bodies should be coordinated to promote the Spain brand as a whole, decentralizing the flow of travelers, thus boosting the industry as a whole, and providing the model with an economic, social and environmental sustainability that should be the goal to achieve, fighting against climate change, depopulation or aging in some rural areas, while we promote in the areas of greater affluence a more respectful, conscious and exemplary tourism, avoiding the tourism-phobia that we must flee from".
The 6 main Autonomous Communities continue to absorb more than 90% of spending, leaving room for domestic tourism.
Continuing with an in-depth analysis, BRAINTRUST once again shows that there is a lot of work to be done, given that foreign tourism is again concentrated in 2023 in 6 autonomous communities, which between them absorb more than 90% of the total expenditure of the international traveler, leaving a meager 10% for the rest of the regions.
Thus, Catalonia once again leads the ranking, followed by the Canary Islands, the Balearic Islands, Andalusia, the Community of Madrid and the Community of Valencia.
Seasonality continues to be a challenge, although it is slightly reduced compared to previous years, to 11%.
BRAINTRUST is once again studying the seasonality of foreign tourism in 2023, and concludes that, although it is slightly reduced, specifically by 11%, it is still a challenge that should be resolved sooner rather than later.
While the Canary Islands and Madrid are still committed to a more seasonally adjusted model, being the leaders of the main tourism receiving communities with this approach, the Balearic Islands are still in the continuous search for this deseasonalization.
The Balearic Community stands out with a seasonality index of 518, followed by Catalonia with 124, the Valencian Community with 105, while Andalusia shows an index of 88, Madrid 26 and the Canary Islands with an ideal index of 18. The consulting firm explains that the higher the index the greater the seasonality problem, and the lower the index the less seasonality problem the tourism model presents.
For José Manuel Brell, Partner in charge of the Quantitative Studies and Models practice, and the Tourism and Leisure Industry at BRAINTRUST: "Tourism is once again proving to be the economic engine of our country, with an overwhelming strength and a resilience worthy of praise. However, there are many challenges that we must solve in order to have a truly sustainable model, we must not continue with a mass approach because it jeopardizes the delivery of our value proposition, and would jeopardize the customer experience we want to provide to the foreign visitor. From BRAINTRUST we continue to bet on transformation, helping organizations and companies on this path, putting sustainability as a fundamental axis in view of the foreseeable growth that we will experience in the coming years, where Spain is positioned as an unbeatable world leader. Putting the magnifying glass on the data as we are doing once again in BRAINTRUST, reveals the keys to the future strategies to be designed, for the sake of a future tourism more respectful with destinations and their residents. Tourism will be sustainable or it will not be".
