Analysis of 2024, by neoturis

Everything suggests that 2024 will be another record year for national tourism. Let’s see:

• As of September 2024, the total number of overnight stays in Portugal was 63.5 million, compared to 62.2 million in 2023 (an increase of 2.1%) and 56.2 million in 2019, i.e. an increase of 13% compared to the year before the pandemic.
• In the first 9 months of 2024, total revenue from accommodation corresponding to overnight stays totalled €5.3 billion, compared to €4.8 billion in 2023 (an increase of 10%) and €3.5 billion in 2019, i.e. an increase of 51% compared to the year before the pandemic! It’s a very enlightening figure in terms of the capacity to attract demand and the valorisation of the national tourist offer.

The USA (leaders in the number of guests in Greater Lisbon) is in third place in terms of the number of guests in Portugal, surpassed only by the United Kingdom and Spain; a figure that should be emphasised given the profile and average spending of US tourists in Portugal.

It can therefore only be considered a positive year for the national hotel industry, with income growing well above inflation and operating margins increasing. The biggest challenges in 2024 will have been (1) attracting and retaining human resources and (2) increasing operating costs through higher salaries, raw materials or energy.

2024 will also be marked by the decision on the location of Lisbon’s new airport and the announcement of the 2035 Tourism Strategy, which will guide Portugal’s tourism development over the next decade.

The interest of international investors and hotel operators in Portugal is strengthening, as is the development of serviced apartments and branded residences, while the increase in the value of land / buildings and construction costs are factors that condition investment decisions.

The year 2025 should therefore be viewed optimistically, maintaining the path that has led Portugal to the top of the world rankings for competitiveness in the sector.

Eduardo Abreu – Partner of neoturis

Neoturis is a consulting, strategic and business company, aimed at monitoring the tourism, entertainment and leisure sector. In operation since November 2000, the objective is to exclusively support companies, public and private, in initiatives and opportunities associated with the sector.

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