The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Portugal's Travel & Tourism sector is on the brink of a historic year, with its economic contribution expected to exceed €54 billion.
Over the last year, a remarkable post pandemic resurgence is evident. Robust demand has propelled most markets to exceed pre-pandemic levels, allowing for unprecedented rate increases that have pleasantly surprised property owners.
The current number of reservations being made to Portuguese hotels is 21% above 2019’s record-breaking volumes, and Portugal leads neighbouring Spain, France and Italy for comparative booking momentum.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the Portuguese Travel & Tourism sector is projected to exceed the 2019 peak this year.
Winter hotel bookings in Portugal have surpassed 2019 numbers for the first time since the start of the pandemic, according to data sourced from SiteMinder’s World Hotel Index. On February 7, 2022, Portuguese hotel booking volumes measured 101.93% of those recorded during the same period in 2019 and have remained above pre-pandemic levels since.
Hotel performance in Portugal is on track to reach 2019 levels by 2023, with the luxury segment expected to lead the way in 2022.
For the last 20 years, Portugal has been making improvements to its tourism sector and, after considerable effort, is finally getting the desired result. The Portuguese tourism sector has grown since 2011 by more than 10%, growing not only in overnight stays, but also in the number of source markets, at the same time as losing its historical dependence on the British market.