Spain | Let's go out

Mass vaccination of the population and COVID-19 infection prevention measures have led to a considerable recovery of household spending, mainly in activities carried out in person and in contact with other people.

Key points

• Key points:
• This is the case of restaurants, leisure and--key for Spain--tourism. With far less travel abroad, there has been an "import replacement".
• According to data on card spending by BBVA customers, with the end of the state of alarm and the lifting of lockdown, there has been a strong recovery. As early as in June, tourism spending by Spanish nationals within the country surpassed the figure for the same month of 2019. Foreign tourists took a little longer to return, and it was only in October that Spain recovered pre-pandemic spending levels.
• Average overnight stays fell, as Spaniards preferred to spread out their vacations across more than one place. This favored alternative destinations to the beach, with fewer crowds, rich in gastronomy, countryside day-trips, close to family relatives and urban centers.
• City tourism is not recovering, especially business-related tourism. Spending in Barcelona and Madrid by residents from other provinces and foreign nationals continues to be depressed.
• The data for the extended weeked of the "Pilar" holiday and the weekend of November 1 have shown significant growth compared to similar periods in previous years. Wealth accumulated during the lockdown suggests that the segment of upper-middle income families will continue this behavior during the December 6 national holiday and the Christmas break.

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