TOURIST spending in the Balearic Islands soared to €4.5 billion over the first five months of 2023- €500 million more than in the same period last year.
It’s an 11.4% increase and is up by 25.1% on 2019 figures before the start of the Covid pandemic.
In May just over two million tourists arrived in the Balearics in a record figure for the month, and 4.6 million since January.
Acting Minister of Model Economy, Tourism, and Employment, Iago Negueruela, said: “There has never been so much tourist spending during the first five months of a year.”
“Our companies are increasing prices significantly and that has meant that salaries have been able to go up,” he added.
Compared to 2019, the volume of arrivals has increased by 7.8%, a smaller increase than that of spending, which means turnover has grown three times more than arrivals to the islands.
Expenditure per person during a holiday stands at €981, which represents a fall of 3.21% compared to last year.
But spending per head per day – €163.8 on average – has increased by 8.4%, which means that the length of stay has been reduced, but with greater profitability for the tourist sector.
In other words, visitors spend less time in the Balearics but spend more money per day.
Corporate profitability also has a greater margin for growth this year than in 2022, with activity costs hit by high inflation last year, already significantly reduced.
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