Luxury Sector Continues to Thrive in Spain Despite Economic and Geopolitical Challenges

By Eleanor Harrison Apr24,2024
Haute cuisine on the rise: Luxury dining now accounts for 20% of Spain’s high-end experiences

The luxury sector, particularly haute cuisine and hospitality, has experienced remarkable growth in Spain despite economic and geopolitical challenges. A report presented by the Crculo Fortuny reveals a 13% increase in turnover, reaching 1,700 million euros in 2019. Ignacio Marcos, a senior partner at McKinsey & Company, attributes this growth to various factors that emerged after the COVID-19 pandemic.

Marcos explains that the growth in luxury dining experiences can be attributed to factors such as tourism, with a growing interest in haute cuisine, as well as the presence of ‘semi-residents’ from LATAM and the USA temporarily living in Spain. Changes in work models, with reduced presence in offices, have also contributed to more people traveling to different cities for business reasons and enjoying luxury dining experiences.

Spain has seen significant growth in Michelin-starred restaurants, with a 47% increase in establishments with this distinction compared to 2015. This growth extends beyond major cities like Barcelona and Madrid to cities like Gerona, the Balearic Islands, Alicante, Asturias, Vizcaya, and Guipzcoa. Despite initial economic growth projections for 2027 ranging from 10% to 12%, the report now estimates a growth of 8% and a total turnover of 2,700 million euros due to international political uncertainties.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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