How are the reserves in Spain, since the beginning of the war in Russia and Ukraine
The tourism sector had all its hopes pinned on this 2022, a year in which recovery projections were clear and delimited, we would recover at least 90% of tourism activity, which meant returning almost to normal. However, there are situations that continue to prevent us from being able to fully recover the normal flow of activities, new strains of covid and now more recently a fact that historically threatens not only to regress what has been advanced but also puts many sectors of the community at risk. both Spanish and European economy. The invasion of Ukraine by Russia has had a considerable impact on reservations and tourist advances in Spain.
All the Spanish tourist giants of the different links in the sector chain coincide in registering this situation during the past few days, which put a stop to the streak of record reservations the previous weeks after the pandemic subsided in the large issuing markets.
According to the digital newspaper OK Radio, since the beginning of the war there has been a large number of international tourists who have significantly slowed down the rate of reservations in Spanish hotels. Specifically, the most significant falls were experienced by travelers from Poland (-57%), Finland (-44%) and Norway (-39%).
The factors that explain this turn are the collapse of the Russian issuer, the uncertainty about the duration of the war instigated by Vladimir Putin, and the sharp increase in energy and food prices that leave consumers with less money to spend on travel. All this is going to alter the forecasts of tourism companies regarding income and expenses.
The Russian issuing market is one of the most important in Spain, as is the German market. Before the pandemic, 1.3 million Russian tourists traveled to Spain, spending around 1.4 billion euros. Although it is difficult to measure the consequences of the conflict in said issuing market, especially since in 2021 only 134,000 Russians traveled with an expenditure of 228.1 million euros, it could have an impact on Catalonia, which is its main destination.
The truth is that, as many experts and scholars certify, there is no doubt that this war will bring negative consequences for many European markets, and many sectors of the economy, we already see it reflected in the short term, in the impact linked to the increase in energy costs, since almost in sync with the attacks there was an increase in the price of oil and gas. Brent rose as high as $102/barrel, which had not occurred since September 2014, and gas prices in Europe rose 7% to December 2021 highs, according to data from Banca March.
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