The internal tourism expenditure on cultural services in Spain has shown significant ups and downs over the past few years. Starting from €5.38 billion in 2016, it grew steadily to €7.39 billion by 2019. However, 2020 witnessed a drastic decline by 77.47% due to the pandemic, bringing the expenditure down to €1.67 billion. Following this, the sector rebounded with an impressive 184.45% growth in 2021, reaching €4.74 billion. By 2022, it had almost fully recovered to €6.83 billion, and in 2023 it stood at €8.43 billion, showing a year-on-year growth of 23.38%. The compound annual growth rate (CAGR) over the last five years was 4.62%, reflecting a modest but consistent recovery and growth post-pandemic.
Looking forward, the forecast data from 2024 to 2028 predict continued growth in internal tourism expenditure on cultural services. The expenditure is expected to rise from €8.77 billion in 2024 to €10.06 billion in 2028, with an anticipated 5-year CAGR of 2.78%, culminating in a total growth rate of 14.72% over the forecast period.
Future trends to watch for include:
- Technology integration in cultural tourism experiences, enhancing visitor engagement.
- A potential surge in domestic tourism due to healthcare and safety concerns.
- Increasing interest in sustainable and eco-friendly tourism practices.
- The role of marketing strategies in promoting lesser-known cultural sites.
