After three atypical years, in terms of tourism demand, 2020 and 2021 due to the pandemic, and 2022 still coming out of it and with a quick and robust demand recovery, during the last three quarters, the question was asked as to what 2023 would be like.
The truth is that the growing trend across demand and, perhaps even more importantly, across average prices, allow us to anticipate a good 2023. The first official figures available (for the first quarter of 2023) point out to a growth of 14%, in the number of overnight stays, when compared to 2019 – the last comparable year – with an increase in overnight stays, from the international market, of 11%, and, from the national market, of 19%. As the supply did not grow at the same pace, there is 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 40%, when comparing the first quarter of 2023 against 2019.
Portugal is, therefore, on the right track, regarding competitiveness around its various sub-destinations. Besides a structured and consistent promotion, with attention to new markets and products, but without significant route changes in the last 10 to 15 years, it is important to highlight the investment made around visitor attractions, in new entertainment companies and, naturally, in tourist resorts. Together with national investment, from historical groups, but also from new groups with interest in the sector, the growing international investment also contributes towards the destination’s qualification.
New brands – national and international – and well-defined development concepts and programmes, meeting current trends in demand, are now on investors’ tables. What to do with the restaurant areas, the SPA, the meeting and event rooms? Among others, these are new questions that are increasingly at the centre of the decision, thus evolving from the classic number and category of rooms.
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.