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Brexit impact on the Spanish Hotel Market

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Brexit impact on the Spanish Hotel Market

There is still great uncertainty as to how the exit of the UK from the European Union will impact the tourism sector in Spain. The form and scope of Brexit will depend on the negotiations between the British Government and the European Union, which are expected to last several years and could impact British travel patterns and the UK’s economy in general.

Brexit has not had a substantial impact on the behaviour of British tourists visiting Spain so far and visitation records have been broken again this year as shown by arrivals data included on page 5 of this report.

Tour operators and hoteliers’ expectations on the future consequences of Brexit are not positive: more than 70% of our survey respondents expect negative repercussions on their businesses, estimating that Brexit could considerably dampen their occupancy rates and average prices. However, they consider that negative effects will not impact the Spanish hotel sector until 2018.

But, for now, reality is very different: for 2017 season, tour operators already have most of the bookings made, therefore no major changes are expected. The determining factor will be the evolution of the value of the Pound against the Euro and it’s effect on the average expenditure of British tourist’s visiting Spain.

Source : Christie & Co

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Keywords : Brexit, Christie & Co