The euphoria in the spending of the Spanish is contained, with an expected growth of around 5%
June 3 () –
The preferential choice of national tourist destinations and prudence in spending will be the main lines of action for Spanish tourists this summer, according to the Braintrust consulting firm, which ensures that ‘All-inclusive’ packages are gaining followers due to the need to plan and Moderate spending at the destination.
The slowdown in the tourism sector begins to appear, after the euphoria unleashed at the end of 2022 and beginning of 2023, where growth was very high, even exceeding pre-pandemic levels.
The high prices, the result of runaway inflation in recent months, have meant that although the issuing market continues to grow, this growth has slowed down with an expected increase below 5%.
According to Braintrust data, while in 2019 total spending was 40,853 million euros and summer accounted for 43.86% of the total annual spending by national travelers, in 2022 total spending was 42,881 million, with summer contributing a weight of 45.56% of the annual total.
The forecasts suggest that in 2023 growth will be close to 4.76%, confirming the moderation of spending, as long as the electoral advance does not change the travel planning of the Spaniards.
The experts assure that this prudence occurs before the depletion of savings that have evaporated with the high prices that families have to bear due to “excessive inflation in recent months”, which has caused expenses such as travel to require a Greater planning and budget containment.
NATIONAL TRAVEL, FOR HOUSEHOLDS WITH LESS PURCHASING POWER.
Braintrust delves into travel spending by household income, highlighting the importance of spending in the issuing market by different social classes.
The lowest-income social class will be the most disadvantaged, as it was strongly affected by inflation, as was foreseeable. Within this framework, national destinations will again be in the majority, especially among travelers with fewer resources who will adjust their travel budget either by reducing their spending items, or by shortening the duration of their stay.
While in 2019 national spending accounted for 66.6% of the total spending of the issuing market, in 2020 and 2021 it was 83.08% and 83.36% respectively, and fell again to 70.45% in 2022 due to the end of the pandemic, it is expected that in the summer of 2023 it will return to 2019 levels, but that is, taking into account that last year the wave of Ómicron limited long-distance international travel.
Distant destinations become more relevant for travelers with high purchasing power, who are looking for more unique experiences. After the pandemic, experiential trips have increased compared to previous years, being the majority territory for a traveler with high or very high purchasing power.
These experiential trips are mainly marketed in face-to-face agencies, and are focused on providing personalized and exclusive itineraries that go beyond a standard trip that was traditionally chosen from a brochure.
In fact, this type of travel is expected to remain in the future, with an expected growth this year of 56.11% over 2022, where after the wave of Omicron they were timidly sold due to health and geopolitical insecurity after the start of the Ukraine conflict.
Some examples of this typology would be expedition cruises, safaris, wellness retreats, extreme adventures or space travel, which are becoming increasingly interesting for travelers with greater economic capacity.
THE ALL-INCLUSIVE ‘FEVER’ IS BACK.
The saving capacity of Spaniards after the pandemic has diminished considerably, which, together with high inflation and the difficulty of facing recurring household expenses, invites prudence and austerity also on vacation.
In this context, Braintrust ensures that ‘All-inclusive’ trips, mostly marketed in agencies, whether face-to-face or digital, are once again a fairly chosen option given the advantages they entail in terms of moderating spending, predictably rising this summer by more of 33.46% over the pre-pandemic period.
Travelers say that the closed budget, the convenience of not spending more than contracted at the destination, the disappearance of unforeseen events, the peace of mind of consuming everything you want for the same price and the variety of activity options, are among the reasons that decant your choice.
