In 2023, the wages and salaries of travel agencies in Spain stood at 1200 million euros, reflecting an 11.88% year-on-year increase, a recovery momentum from the 19.89% rise in 2022. However, it is noteworthy that 2020 saw a drastic fall of 43.42% due to the global pandemic. Over the last five years, the Compound Annual Growth Rate (CAGR) averaged at 2.68%, highlighting a moderate but consistent recovery and growth.
There is a promising upward trend forecasted for the upcoming years with a forecasted 5-year CAGR of 0.78%, suggesting steady but modest growth, reaching up to 1260 million euros by 2028. This expected growth, though slower, indicates stabilization and potential resilience within the sector.
Future trends to watch for include the adaptability of travel agencies to technology, changes in consumer travel behavior, and the impact of global economic conditions on the travel industry. Sustainability and eco-friendly travel could also become significant leverage points for future growth within this sector.
