general moderation
Spain’s Holy Week marked a notable rebound in tourism spending, even as concerns about inflation and the lingering impact of the pandemic lingered. Consumers continued to travel and dine out, leaning on both cashless and card payments, with overall activity showing a positive uptick. In entertainment and dining, expenditure rose as spending on hotels, travel agencies, and related services followed an upward trend, reflecting renewed consumer confidence and the desire to resume normal activities after years of disruption.
Data from CaixaBank’s anonymized point-of-sale device usage reveal that the Easter period this year aligned with a holiday window seven days later than last year. While the figures point to a favorable trajectory, comparisons with December 2021 and January 2022 caution against over-interpretation, given the pandemic and its lingering effects on consumer behavior. The early months had already shown strong growth, with December and January recording 27% and 26% increases in entertainment and restaurant spending, respectively, hinting at a broader consumption revival that carried into the spring season.
In February, the surge in entertainment and restaurant outlays softened to 12%, yet March saw a robust jump of 25% year over year, underscoring a steady but uneven recovery in discretionary spending. The hotel sector and travel agencies mirrored this pattern: December posted a 10% rise, followed by 18% in January, a slower 7% in February, and another 18% in March. The overall expansion in card-based payments correlates with inflationary pressures and elevated service costs, which shape consumer choices and purchasing power.
Tourism lobby Exceltur suggested that 2023 would deliver solid activity, even after a slow first quarter. Their diagnostic indicates a sustainable pace in activity levels around 10.8%, yet inflation continues to erode disposable income—an effect acknowledged by the lobby’s vice president, Jose Luis Zoreda. Still, the sector remains confident that the momentum will persist at least through the next three months as integrated tourism companies navigate the price environment and evolving demand.
overall moderation
The broader picture shows a mixed mood. When looking at a wider mix of cardholders, both Spanish and international, total spending was described as moderate in April by the Catalan bank’s research service. Debit card activity, widely seen as a leading indicator of economic health, still warrants cautious interpretation until Easter-related effects fully play out in the data. There is anticipation for the next x-ray, with the market watching closely to determine whether the Easter impulse fades or leaves a lasting imprint on consumer behavior.
Foreign-card activity, which tends to be less swayed by holiday timing, continued its rebound. The year-over-year growth remained strong in April, with a steady acceleration after 32% in December, 48% in January, 30% in February, and 29% in March, signaling renewed confidence among international visitors and cross-border shoppers.
Overall, the data illustrate a tourism sector that is gradually regaining its footing after the pandemic years. While inflation and price pressures temper the pace, the trend points toward a more stable baseline for travel-related services, with hotels, dining, and entertainment leading the charge as consumers resume their pre-pandemic routines. The ongoing conversation among industry groups and analysts centers on sustaining momentum while adapting to the evolving economic landscape, ensuring that growth is resilient and broadly shared across regions and segments. [Source: CaixaBank POS data; industry commentary attributed to Exceltur and sector representatives].