Tourism revenues slow
In a clear sign that holidaymakers have rethought their holiday plans this year because of recessionary fears, Portugal saw tourism revenues fall for the sixth consecutive month this year.
Since February hotel revenues have fallen in growth terms going from 97.2% in January to just 10.6% in terms of like-for-like on 2022.
And the price increases per night per room practised by hotels and the general rising cost of dining out and stays in general mean that tourists are spending less and staying for shorter periods.
Nevertheless, in July total tourism revenues still rose to €754 million or 41% above monies cashed in the same month in 2019 according to the National Statistics Institute (INE) that released the figures on Thursday.
Of the total revenues registered in July, 79% (€597 million) were from overnight stays (8.8 million that month) from 3.2 million guests.
The value of overnight stay revenues also rose 11.5% on July 2019. The INE data also revealed that between January and July this year, total revenues stood at over €3.2Bn, exceeding the total revenues generated in 2020 and 2021 together and almost two-thirds of the revenues made throughout the whole of 2022.
However, since February revenues have slowed in terms of like-for-like growth rate, from 97.2% in January this year to just 10.6% in July.
This slowdown in growth was accompanied by an increase in hotel and stay prices reaching record values.
In July, the average revenues per occupied room per night or Average Daily Rate (ADR) was €137.9, up 9.7% like-for-like on 2022.
Moreover, the ADR had had shot up 29.1% on July 2019. This was the highest rate per night since the record amount of €136 in August 2022.