Madrid is the Spanish city with the highest average daily expenditure, with 272 euros per visitor. And in a very specific segment: high-impact tourism, also known as “high-end” tourism, which in our country is worth between 20,000 and 25,000 million euros, mostly from foreign visitors. Almudena Maíllo, the city’s Councillor for Tourism, has presented the first European Report on High Impact Tourism. A study promoted by the Spanish association Circulo Fortuny and carried out in collaboration with the consultancy firm Bain & Company under the impulse of the Cultural and Creative Industries Association (ECCIA). The result?
Madrid seems to have said goodbye to the crisis as far as tourism is concerned.
Overall, spending by high-impact tourists in Spain is four times higher than that of other travellers, with Madrid as the Spanish city with the highest average daily expenditure by these visitors, at 272 euros. Nearly 50% of these tourists’ spending is on culture, entertainment and shopping and almost 30% on accommodation. By country of origin, the recovery of shopping tourism in Madrid has been boosted by the spending of visitors from the Persian Gulf (40 3%); travellers from Southeast Asia (153%), who spend the most on average (1,070 euros), and those from the United States (151%).
Another indicator of the recovery of impact tourism in Madrid is the recovery of tourist purchases of duty-free products. According to ECCIA, the capital is the third European city where ‘VAT-free’ sales have recovered the most. From January to May they grew by 100%, behind only Paris (335%) and Milan (109%).
Finally, according to the report, the elite traveller – those who have spent at least 40,000 euros in the last 24 months – makes up only 1% of the total number of high-end tourists to Madrid, but their spending accounts for almost two out of every ten sales. Frequent travellers (those who have made more than three trips in the last 24 months) make up 21% of the total and the percentage of spending they make on shopping is 28% of the total.
Culture, art and gastronomy
What added value does the city of Madrid provide? It should be taken into account that it is the Spanish city that hosts the most cultural and leisure events per year. A value that goes hand in hand with internationally prestigious museums such as the Reina Sofía, one of the ten most visited museums in the world.
In addition to this, the Consistory points out, there is an excellent shopping offer and, of course, gastronomy. There are also the latest and forthcoming openings of hotel establishments of major international chains. And, according to Cibeles, it has become the best destination for holding professional meetings.
Based on the conclusions of this study, Tourism expects the sector to have new knowledge and tools to develop its full potential in the sector, also providing it with valuable information on how other competing destinations are positioned.