Pat Hyland - Jan 15, 2024
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Madrid, the capital of Spain, has seen a significant increase in its tourism industry in recent years and has become a popular and prosperous destination. In 2019, the tourism sector contributed over 18 billion euros to the city's economy, which increased to 21.4 billion in 2023. Such growth can be attributed to the city's ability to attract tourists with high purchasing power and its continuous efforts to improve its international reputation.

The outlook for Madrid’s tourism in 2024 is positive and promising. The current focus is on strengthening the city's offer and ensuring sustainability. Madrid is in an ideal position to take advantage of the tourism momentum, resulting in a balanced and beneficial development for the city.

Tourism in Madrid significantly impacts society beyond mere economic figures. The ability of tourism to drive growth is evident in the creation of employment opportunities and added value in various economic sectors. For every 100 euros of direct added value, there is a significant contribution of 46.7 euros to other areas. For every 100 jobs created in the tourism industry, 41 additional jobs are generated in various sectors indirectly related to tourism.

Hotel Occupancy Figures in Madrid

Based on the latest hotel occupancy figures released by the INE, during November 2023, a total of 1,068,833 travelers stayed in hotel establishments in the Community of Madrid, accounting for 15.71% of the national total. This number represents a growth of 64,738 travelers and an interannual rate of 6.45%. These figures highlight Madrid's continued growth as a popular tourist destination.

Furthermore, the data collected in October shows that international travelers staying in hotel establishments in the Community of Madrid generated 1,376,323 overnight stays, marking a year-on-year increase of 11.95%. The top five markets for Madrid’s tourism were the United States, Italy, France, Mexico, and the United Kingdom.

Hotel Investment and Tourist Spending

Madrid is currently the leader in hotel investment in Spain, having launched 33 projects. The city's recovery and expanding luxury offerings have resulted in a positive evolution of hotel profitability indicators. The end of 2022 marked a historical record with a hotel investment of €803 million, exceeding the levels in 2021 by 71.6% (€541.3 million) and 2019 by 76.6%.

The average tourist spending per person continues to play an important role in the country's economy, with the amount standing at €297 per day. This is €120 more than the national average of €177 and 4.04% more than in November 2022. The average expenditure per person in the region stood at €1,700, 7.53% more than in November 2022 and €428 more than the national average of €1,272. These figures show that Madrid leads in terms of average spending per tourist.

Air Connections

Adolfo Suárez Madrid-Barajas Airport has established itself as the fifth largest airport in Europe and the primary airport in Spain regarding connections. In 2022, the airport served 50.6 million passengers, an impressive 109% increase compared to 2021. Iberia's newly launched air route to Doha (Qatar) will enhance Madrid's connections with Asia, Africa, the Middle East, and Oceania, creating opportunities for broader cultural and economic exchange. This connection is part of the promotional activities of Madrid Turismo by Ifema, a prime example of public-private collaboration that is expected to impact the region significantly.

Madrid's tourism industry is gearing up for an eventful 2024 full of opportunities and challenges. The city's economy relies heavily on tourism, encompassing cultural, economic, and social aspects. With a strong emphasis on sustainability and quality, Madrid aims to solidify its position as a premier tourist destination by offering unique and authentic experiences to visitors from both domestic and international locations.

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