High-end tourism contributes 2% of GDP and shopping is the main investment.
High-impact tourism contributes between 130,000 and 170,000 million euros to the European economy, according to a study by Círculo Fortuny. In fact, Spain is the country in Europe where high-end tourism has the greatest impact on GDP, with 2%, compared to the European average of 0.9%.
And it could triple its revenue over the next decade to 520 billion euros, according to forecasts in the report High Impact Tourism, a strong boost for Europe, commissioned by ECCIA, the European Creative and Cultural Industries Alliance. High-impact tourism generates a value of EUR 25 billion per year, representing around 26% of total tourism revenues (between EUR 70 and 95 billion).
However, it generates less value compared to other major European economies, such as Italy and the UK, which reinvest spending in the local economy and generate new wealth and employment. In fact, the daily expenditure of a high-end tourist is around 860 euros in Spain, while in Germany it is around 1,000 euros, in the UK and France around 2,000 euros and in Italy around 6,000 euros.
Fifty percent of luxury tourism expenditure in Spain is spent on shopping, while 26% goes on accommodation and 20% on restaurants. In addition, the report highlights that Spain has a wide range of sports, nature and spa options, and is the fifth country in the world with the most visitors seeking wellness, behind only China, India, the United States and Germany. As for the sun and beach model, the challenge is to change quantity for quality.