Luxury tourism in Spain has been experiencing exceptional growth in recent years. It is even surpassing the development of traditional tourism. Revenue from this segment has grown 5% to 8% annually over the past six years. Which means that it has thus doubled the growth rate of conventional tourism.
In this article we will talk about the key factors that have driven the increase in high-end tourism in the country. Likewise, we will see the role of luxury hotels in this upward trend.
IMPACT OF LUXURY TOURISM ON THE SPANISH ECONOMY
Luxury tourism has proven to have a significant economic impact in Spain. The number of high-end travelers grew by 20% between 2015 and 2022, reaching six million tourists. These travelers have left an economic footprint of more than 20 billion euros, which represents approximately 1.9% of the country’s GDP.
Additionally, five-star hotels have seen remarkable growth, increasing by 27% over the past seven years. In this case, the opening of numerous hotels and accommodations, especially in cities like Malaga, has been a key factor in attracting luxury tourists.
THE ATTRACTION OF LUXURY TOURISM IN SPAIN
Luxury tourism has found fertile ground in Spain due to several factors. Firstly, the country’s diversity and natural beauty make it an attractive destination for discerning travelers. From the stunning beaches of the Canary Islands to the cultural richness of cities like Madrid and Barcelona, the country offers a variety of high-end experiences.
On the other hand, Spain has a very pleasant climate, a quality gastronomic offer and a wide range of leisure activities. This whole combination has established the country as a hotspot for wellness tourism and quiet luxury tourism. In fact, accommodation reservations exceeding 1,000 euros per night have grown by 60%. This indicates a growing demand for more exclusive and personalized experiences.
THE ROLE OF SUSTAINABILITY IN LUXURY TOURISM
Sustainability is already a trend in tourism, but for luxury tourism it has become a very important concern. Well, 74% of luxury travelers are willing to pay more if the experience is more sustainable. All of this has led to an increase in preference for sustainable accommodation and tourism practices.
In turn, luxury or high-end hotels are responding to this demand by adopting more environmentally friendly practices. So they offer experiences focused on well-being and nature.
THE RISE OF INVESTMENT IN HIGH-END HOTELS
The attractiveness of luxury tourism is reflected in the growing influx of tourists. But that’s not all, as there is also an increase in investment in the hotel sector. Since in 2022, five-star and five-star luxury hotels represented an impressive 37% of the total investment in the hotel sector in Spain. In this way they reached 1,154 million euros. This indicates a clear investor preference for this segment in size.
Furthermore, the hotel sector was, as a whole, one of the most dynamic assets during 2022. Since it managed to concentrate 18% of the total investment with 3,119 million euros. This value represents the highest record in the last 4 years. It also represented 13% more than the average for the 2015-2022 period.
Finally, during the period 2019-2022, the country registered almost 60 openings of luxury and five-star hotels. Of this number, 40% occurred in 2021. Now, if analyzed by segment, vacation hotels stand out compared to urban hotels. In turn, the Balearic Islands registered almost half of the openings in this period.
In summary, luxury tourism in Spain has reached unprecedented numbers. Since it has surpassed traditional tourism in terms of growth and economic contribution. Likewise, high-end travelers are looking for exclusive, sustainable and personalized experiences.
On the other hand, high-end hotels are responding to this demand with exceptional services and offers. There is a forecast that luxury tourism will continue to double in the coming years. In this sense, Spain is consolidating itself as a leading destination for those looking for an unforgettable experience on their trips.