Portugal travel and tourism resilient in the economic crisis
The European Union and particularly Portugal faced a severe crisis which harmed European families’ overall purchasing power. In addition, other social problems such as unemployment proliferated in Europe. Despite this pessimistic scenario, Portuguese travel and tourism performed well in 2012 and the most important indicators point to positive growth. Turismo de Portugal continued its efforts to adjust to the dynamics created by this market and avoid the negative aspect of the economic crisis.
Growing social segregation leads to more luxury services
The European financial crisis resulted in an increasing segregation of social groups. The number of citizens with greater financial resources is growing and is using luxury services more often. Portuguese travel and tourism witnessed the development of this trend. Several luxury four and five star hotels were opened in Portugal. Health and wellness tourism also saw growth since tourists are demanding luxury services such as spas more frequently.
Low cost trend consolidates in Portuguese travel and tourism
Portuguese travel and tourism witnessed an increasing contrast between luxury and low cost offerings. While the luxury segment increased its penetration, the range of low cost products saw consolidation in Portugal. This was mainly due to low cost carriers which invested large amounts of money and created regular short haul flights connecting a large number of European cities to Porto, Lisbon and Faro. In parallel, taking advantage of this increasing low cost trend, car rental, travel accommodation and travel retail also saw investment in offering tourists low-cost tourism packages. This enabled the low cost trend to grow and consolidate in the country.
Government initiatives boost market performance
The Portuguese Government is aware of the importance of travel and tourism in the economic recovery. It therefore redefined its strategic market plan, the PENT, to meet the most recent international trends of this market. Exclusive funds to stimulate several niche markets such as cultural tourism, golf tourism, residential tourism, nautical tourism, religious tourism, and wellness tourism among others were created. In addition, funds for the advertising of Portugal as an outstanding tourism destination were continuously awarded to Turismo de Portugal.
Positive future for travel and tourism
If travel and tourism was able to grow despite the troubled economic period, further positive growth is expected with the anticipated financial growth in Europe in the short term. Government policies will create packages to respond to the changing demands of tourists and are likely to lead to an outstanding performance over the forecast period.
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The Travel and Tourism in Portugal market research report includes:
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