The turnover of travel agencies in Spain has exhibited considerable fluctuations over the past decade. From 2013 to 2019, the industry generally experienced steady growth, peaking at 21.22 billion Euros in 2019. However, the COVID-19 pandemic caused a significant dip in 2020, reducing turnover to 5.3 billion Euros. Since then, the industry has shown strong resilience with substantial year-on-year growth, reaching 23.99 billion Euros in 2023, which represents a 21.67% increase compared to 2022. The five-year CAGR leading up to 2023 stands at 3.28%.
Forecasts indicate that turnover will continue to grow, albeit at a slower pace, with a projected value of 26.73 billion Euros by 2028. The forecasted five-year CAGR from 2024 to 2028 is estimated to be 1.61%, signaling a more moderate but consistent growth trajectory for the industry.
Future trends to watch for include:
• Technological advancements that redefine travel agency services.
• Evolving consumer preferences toward personalized travel experiences.
• Potential economic fluctuations that could impact discretionary travel spending.
• Environmental sustainability impacting travel choices.
• The continuous impact of global health issues on travel regulations and consumer confidence.
