However, on the other side of the scale are the macroeconomic factors of this "new island", which could cast a shadow over our expectations.
Thus, the main European issuing countries for our destination, such as the United Kingdom, France, Germany and Italy, have significantly cut their growth forecasts, which could have a negative effect on the flow of travellers from these destinations in the future.
On the other hand, the current inflationary context is directly affecting the sector, which is suffering a substantial increase in costs, especially those related to energy and food. For the time being, Spanish accommodation has been able to adjust room prices without eroding demand, but uncertainty remains as to how long this situation can be maintained if inflation, as it seems, remains above 4% in the coming years.
In this price context, interest rate rises and higher mortgage rates are other aspects that are reducing the purchasing power of households and could also have an effect on the evolution of the hotel industry. The devaluation of the euro against the dollar, on the other hand, is shown to be the only macroeconomic ingredient that is playing in favour of the sector and which is strengthening Europe as a tourist destination compared to the rest of the world.
The Smart Observatory also includes a series of retrospective indicators that show how the Spanish hotel sector is, little by little, strengthening its fundamental pillars and recovering from the consequences of the pandemic in both revenue per room (RevPar) and average daily rate (ADR) which, since June this year, are already above 2019 levels.