Spain weathers economic challenges better than most nations, 2022 bookings up 49% versus 2021
Phocuswright releases new research on Spain travel market ahead of Phocuswright Europe 2023; 2022 travel gross bookings €20.6 billion
Phocuswright’s latest research report on the Spain travel market highlights growth in the lodging sector, an increase in revenue for airlines, a boost in rail transportation and exceeded expectations in the car rental segment.
Fueling this rapid recovery was a strong summer season and the growth in online bookings, with online travel agencies strengthening their position as international travel returned.
“Consumer trends spurred by the pandemic and the entry of a new generation of young, mobile-first travelers to the marketplace has pushed Spain's online travel market to new heights”, said Phocuswright’s market analyst in Spain and co-author of the report, Fabian Gonzalez. “While the offline channel continues to command a significant portion of Spain's travel bookings, the momentum is in favor of online and mobile booking. EU funds available to help large companies transition to digital have helped accelerate Spain's shift online”.
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, which may have contributed to a strong spend by Spanish citizens on travel.
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
“Despite a robust rebound, full recovery is not expected before 2026”, said Phocuswright’s senior research analyst and co-author of the report Cathy Walsh. “Nevertheless, specific segments will bounce back sooner; as developments in the rail and hotel will make them segments to watch”.
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. The findings will be discussed further by industry experts at the upcoming Phocuswright Europe 2023 Conference, taking place in Barcelona on 12-14 June.
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