Analysis of the first semester of 2024, by neoturis

After the pandemic period, there were several question marks over the evolution of tourist demand – globally and for Portugal. The truth is that, after a magnificent year in 2023, 2024 promises to remain at the same level, if not constitute a new record year.

The upward trend in demand and, perhaps even more importantly, in the average prices charged, make it possible to anticipate a good year in 2024. The first official figures available (for the 1st quarter of 2024) point to a growth in the number of overnight stays of 3,1% when compared to 2023, with overnight stays from the international market growing by 5,3% and those from the domestic market falling by -1.7%. If supply doesn’t grow at the same rate, there will be an increase in occupancy rates and the possibility of an increase in average prices, as shown by the increase in revenue from accommodation of around 15%, when comparing the first quarter of 2024 with 2023. The outlook for the main national operators points to a good Summer, thus maintaining the growing trend.

The first half of 2024 will be marked by the decision on the location of Lisbon’s new airport, a key infrastructure for consolidating Portugal as a destination. There continues to be strong interest from international investors and operators across Portugal’s hotel sector.

The main challenge is the difficulty in attracting and retaining human resources, while being clear the need to welcoming immigrants with the capacity to meet demand.

So, let’s wait for the figures for the upcoming months to, once again, celebrate 2024 as the best year ever for the sector in Portugal!

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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