The tourism industry is no stranger to inflationary shock. Tourism-related prices are growing strongly and, specifically, the hotel sector is posting price rises well above the historical average. As is often the case, there is no single reason for this inflation in tourism but rather a compendium of changes in both supply and demand that have resulted in tourists having to pay much more than before the pandemic. In this article we look at the factors that lie behind this episode.
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COVID-19 is having a huge impact on economic activity in Spain and, in particular, on the tourism industry. At CaixaBank Research we expect GDP to fall by between 13% and 15% in 2020, not returning to its pre-crisis levels until 2023. The outlook in 2020 is even grimmer for Spain's tourism industry as it is one of the sectors hardest hit by the pandemic.
The high season for Spain’s tourism sector has turned out better than expected in 2025, confirming our view that tourism growth is normalising at solid levels: CaixaBank Research forecasts that tourism GDP will grow by 2.7% in 2025 and by 2.5% in 2026.
The situation of the tourism sector improved considerably during the summer months, outperforming the projections of many of the companies in the industry.
The Spanish tourism sector faces 2026 from a position of strength, with a positive outlook prospects after stabilisation of post-pandemic growth. In 2025, Spain reaffirmed its global leadership with 97 million international arrivals and record spending of €135 billion, ranking second worldwide. Tourism GDP grew by 2.7% and is expected to maintain a growth rate of around 2.5%-2.7% in the coming years. This scenario reflects a more balanced sector, with clear signs of regional diversification and deseasonalisation, and with emerging segments that boost its added value.
Repeating tourists are one of the keys to the success of Spain’s tourism sector, but climate change puts their loyalty at risk. In this article we present a highly innovative analysis using data on payments made with foreign cards on CaixaBank POS terminals, which allows us to identify the international tourists who visited Spain in the high season, both in 2022 and in 2023.
International tourism spending accelerated slightly in March 2026, driven by the redirection towards Spain of tourist flows from the main European source countries. This upturn offset the decline in tourism from East Asia, which, although intense, represents only a small portion of tourist arrivals in Spain.
The Portuguese tourism sector is making headlines, with its exuberant statistics and optimism surrounding its future outlook. In this article we present the key figures of the tourism sector and their impact on the macroeconomic accounts.
Despite the growing trend of a reduction in tourism seasonality in Spain, the months of July and August saw extraordinary and record-breaking figures that deserve detailed analysis.
We review recent developments in the European tourism sector, as well as its macroeconomic impact and the challenges it faces, after the number of international tourists who visited the continent last year exceeded the level recorded in 2019 by 12 million.
The tourism sector is proving to be one of the biggest beneficiaries of the rapid recovery in international mobility. The sectoral indicators paint a very positive picture for the remainder of 2022, meaning it can act as a driver for the Spanish economy at a time when many other sectors are enduring a difficult context.
The health situation and the lockdowns made 2020 an annus horribilis for Portugal's tourism sector: total profits generated by tourist accommodation establishments fell by almost 3 billion euros and the total number of guests fell by 61%.
Despite Spain’s tourism model being highly competitive, the recovery of the different types of tourists has been uneven. This article examines how the reasons for international visits have changed, comparing the current situation with that of 2019, in order to assess whether there have been significant shifts in consumption patterns that are relevant to the sector.
Beyond the number of visitors, the main challenge for the tourism sector is to continue growing in a sustainable and balanced manner. To this end, it is important to pay attention to other areas of a structural nature, which allow us to make a good diagnosis of the sector’s strengths, in order to continue developing them, as well as the weaknesses that must be addressed in order to make this growth sustainable in the long term.
The slowdown in exports has been one of the main sources of weakness in the Spanish economy in recent quarters. Manufacturing is particularly dependent on sales abroad and has been the epicentre of the deterioration in exports of goods.
The outlook for the Spanish economy and its sectors is positive. We expect to see a higher growth rate in sectors linked to the digital transition, such as ICT and professional services, as well as in sectors where the Spanish economy is highly competitive, such as the pharmaceutical and tourism sectors.
Disruptions in global supply chains, present in markets since the end of 2020 due to the reactivation of demand after the worst phases of the pandemic, and later due to the effects of the war in Ukraine and the persistence of COVID-19 in Asia, affected activity in some manufacturing branches throughout the second half of 2021 and, above all, in 2022. In some sectors, the most intense episodes of difficulties for international trade forced production to be cut back on an ad hoc basis, or even to come to a halt. Logically, those industries most dependent on imports of raw materials and/or intermediate goods for their production processes, as well as those with greater complexity in their value chains, suffered the most.
The hospitality sector was among those hardest hit by the consequences of the pandemic as it was at the epicentre of the social distancing measures used to contain the spread of COVID-19. Although official indicators point to the sector’s clear recovery in 2022, this has not been across the board. An analysis of CaixaBank’s internal data reveals the great differences that exist within the sector, with one part that has greatly improved its situation compared with 2019 and another, non-too negligible part that is still encountering difficulties.
The strong growth of the tourism sector in recent years, together with new consumer habits following the pandemic, has led to an extraordinary recovery of the Spanish restaurant sector, both in terms of job creation and turnover. It has also gained considerable international recognition and prestige, while at the same time playing a fundamental role in our country as a promoter of social and territorial cohesion.
In this article, we delve into the figures of the tourism sector in order to paint a more detailed picture of its recovery trajectory, which identifies the major trends and provides clues as to what we can expect for the remainder of the year.