Tourism GDP growth in Spain is projected to slow down, particularly due to weakening demand from the U.S, the largest source market outside Europe. Growth is expected at 2.7% annually, but a decrease of one percentage point could occur by 2025. Factors like the euro's appreciation, a slowdown in the U.S. economy, and rising uncertainty are influencing this trend. U.S. passenger arrivals peaked at 4.26 million in 2024 but saw a significant drop in growth rates afterward, along with decreased spending through U.S. payment methods.
The appreciation of the euro against the dollar, the slowdown of the U.S. economy, and increased political and economic uncertainty are contributing factors to the slowdown in U.S. tourism to Spain.
Passenger arrivals from the U.S. slowed from 17.5% year-on-year growth in the first ten months of 2024 to just 2.3% from November 2024 to May 2025.
Spending with U.S. cards, which was growing at rates close to 17% year-on-year during early 2024, declined sharply by an average of 2.2% year-on-year starting November 2024.
In 2024, U.S. tourist arrivals peaked at 4.26 million, accounting for 4.5% of total arrivals, while spending reached 9.1 billion, which was 7.1% of total spending.
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