Spain’s world-renowned tourism sector, once the envy of Europe, is showing signs of fatigue. According to Tourism Review, Exceltur data reveals that tourism GDP grew by only 2.8% during the 2024 peak season, down from the expected 3.3%.
From Boom to Slowdown
Despite strong early-year performance, summer revenues fell short of expectations. “We had hoped the positive trend would continue,” said Exceltur’s executive vice president, Oscar Perelli.
Tourism, which accounts for over 12% of Spain’s GDP, is now showing signs of plateauing.
Hotels, restaurants, and tour operators reported weaker earnings, partly offset by price adjustments. Profit margins are tightening amid economic uncertainty and changing consumer behavior.
Causes and Consequences
Exceltur attributes the slowdown to several key factors:
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Economic instability in major source markets;
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Rising energy prices and inflation;
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Declining consumer confidence;
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Weak domestic travel within Spain.
Germany and France saw declines of 4.4% and 0.8%, respectively, while arrivals from the UK, Ireland, and Portugal grew modestly.
Regional Differences
Northern and inland regions such as Cantabria, Castilla-La Mancha, the Basque Country, and Madrid are outperforming coastal resorts thanks to their focus on sustainable tourism and cultural experiences.
Looking Ahead
Spain’s tourism industry remains vital — employing millions and generating around €200 billion annually. However, Exceltur warns that its future depends on innovation and diversification, including eco-friendly initiatives, wellness travel, and cultural programs.
The message is clear: even tourism giants must evolve to stay strong in a changing global economy.