Spain | Analysis of national tourist flows in real time between May and August of 2025

Summary

The increase in total tourist spending with cards by Spaniards and foreigners slowed during the second four-month period of 2025, standing at 5.7% y/y (4.5 pp less than in the previous period), in a context of rising prices.

Key points

• Key points:
• Madrid, the Canary Islands, the Levante (Murcia and the Valencian Community), and Cantabria showed the strongest growth. Even so, Madrid and the Canary Islands, along with Catalonia, explained much of the deceleration in overall growth.
• Foreign tourism was the main driver of the sharp slowdown in total spending. In particular, growth in foreign spending moderated by 8.7 pp compared to the previous period, down to 8.1% y/y, continuing the trend of weaker growth that began in mid-last year. By region, the Canary Islands, Madrid, and Catalonia were behind the deceleration observed in this four-month period.
• On the other hand, spending by Spaniards outside their usual province of residence increased by 2.9% y/y (compared with +3.4% y/y in the previous four-month period). Cantabria, the Basque Country, and Castilla-La Mancha led the growth in domestic spending. The wildfires in mid-August and the rail line disruptions caused by the fires negatively affected spending in the hardest-hit provinces.
• Non-face-to-face spending on travel and accommodation, which approximates tourist bookings, has shown positive momentum in recent months, which could translate into stronger tourist spending going forward.
• However, transportation prices have risen again, while other tourism-related sectors show some moderation. Even so, prices continue to increase at high rates, particularly in accommodation.

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