"Travel and Tourism in Spain to 2018" is now available at Fast Market Research
Fast Market Research recommends "Travel and Tourism in Spain to 2018" from Timetric, now available
[USPRwire, Wed Oct 15 2014] The Spanish travel and tourism sector suffered from the consequences of a prolonged phase of economic instability and low consumer confidence due to the eurozone debt crisis. The sector contracted during the review period (2009-2013) in terms of tourist flows, while tourism expenditure registered only a marginal growth. The decline was largely due to the economic crisis, as well as higher unemployment rates, and austerity measures such as increased taxes.
Report Highlights
* Tourism plays an important role in the Spanish economy; its contribution grew steadily during the review period, contributing 11.7% to GDP in 2013. Total tourism output grew from EUR179.0 billion (US$248.7 billion) in 2009 to EUR191.5 billion (US$253.8 billion) in 2013, at a review-period CAGR of 1.69%. Inbound tourism was the leading contributor in terms of total expenditure (includes inbound and domestic only), representing 50.1% of the Spanish tourism market in 2013, and the rest was accounted by domestic tourism.
* In terms of volume, domestic tourism is the major contributor to the Spanish travel and tourism sector, despite the fall recorded during the review period. The total number of domestic trips fell from 155.0 million in 2009 to 144.5 million in 2013, at a review-period CAGR of -1.73%. This was largely due to the economic crisis, higher unemployment rates, and austerity measures taken by the government, such as an increase in taxes and a decrease in public sector salaries
* International arrivals to Spain grew from 52.2 million in 2009 to 61.0 million in 2013, at a review-period CAGR of 3.96%, while inbound tourist expenditure increased at a CAGR of 4.52%, going from EUR47.1 billion (US$65.4 billion) in 2009 to EUR56.2 billion (US$74.5 billion) in 2013. Both international tourist volumes and inbound tourist expenditure recovered well from the financial crisis in 2009. A steady increase in arrivals from Mexico, Brazil, Russia and China partly contributed to this growth.
* France, Portugal, Italy, the UK and Morocco are the five leading destination countries for Spanish tourists, with the latter being favored due to its low prices and tourist attractions, particularly its beaches and geographical proximity. These five countries together accounted for 55.3% of the total outbound tourist volume in 2013.
* IAG sought control of the profit-making Vueling after another Spanish subsidiary, Iberia, incurred losses in 2012. This transaction provides an opportunity for IAG to increase its profitability in the country, while its mainline business is decreasing capacity. Vueling will continue to operate as a standalone unit under its own CEO, Alex Cruz, and the current management structure and business model will be retained.
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