Hotel and rail are segments to watch in Spain
- April 2023
- Phocuswright Research
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, 2022 gross bookings total represented roughly 70% of 2019 revenue. The market saw the rise of key performance indicators like higher ADR, RevPAR in the lodging sector, growth in revenue for airlines, a boost in rail transportation and a car rental segment exceeding expectation.
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 4 strategic growth areas that will further position the Spain travel market as a market leader in Europe:
- Sustainable tourism at last
- Big bets on luxury travel
- Let the rail games begin
- NextGenerationEU: Follow the money
The full report provides a comprehensive view of the Spain travel market, including detailed market sizing and projections, distribution trends, analysis of major travel segments, key developments and more.
This report provides a comprehensive view of the Spain travel market, including detailed market sizing and projections, distribution trends, analysis of major travel segments, key developments and more.
Other reports in the Europe Travel Market Report 2022-2026 series (available now or publishing soon):
- Europe Travel Market Report 2022-2026
- France Travel Market Report 2022-2026
- Germany Travel Market Report 2022-2026
- Italy Travel Market Report 2022-2026
- Scandinavia Travel Market Report 2022-2026
- U.K. Travel Market Report 2022-2026
- Europe Travel Market Data Sheet 2022-2026 (subscriber only)
In addition to this latest research, Phocuswright released the program and speakers for Phocuswright Europe 2023, the premier conference for travel industry executives taking place at Barceló Sants Hotel in Barcelona, 12-14 June, with focus on the theme Travellers. Titans. Trailblazers.
Ticket prices are expected to increase after 30 April, with price savings of €300 set to expire starting 1 May.
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