Having plunged by almost two thirds during 2020 due to COVID-19 restrictions, retail constant value sales (2022 prices) of travel rebounded at an accelerated pace during 2022 but remained well below their pre-pandemic level. This recovery is being driven by the release of pent-up demand for travel by the relaxation of most COVID-19 restrictions.
All Spanish airports returned to operating at their full capacity in 2022. According Eurocontrol data, in the first half of the year, the recovery of the air traffic of Spain was faster than the average European.
Having plunged by almost two thirds during 2020 due to pandemic restrictions, lodging (destination) continued to recover in 2022. After the lifting of most travel restrictions in May 2021, there was a significant increase in hotel reservations for the summer holidays, especially amongst domestic travellers.
Retail constant value sales of booking continued to rise during 2022 but remained below their pre-pandemic level, with lodging the largest category, followed by surface travel, air travel experiences and attractions and packages. The pandemic has accelerated the digitisation of booking, with internet transaction value sales continuing to expand at a significantly faster pace than offline value sales.
Retail constant value sales of travel will continue to recover throughout the forecast period, with the Canary and Balearic Islands set to return to pre-pandemic visitor numbers faster than peninsular Spain. However, inbound travel could be adversely affected by a darkening economic environment in Europe, with elevated inflation threatening to choke off discretionary spending.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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