Resilient and Thriving: The Remarkable Growth of Haute Cuisine and Hospitality in Spain During Economic Uncertainty
Despite the economic and geopolitical crises that have affected people’s daily lives, the health sector has seen remarkable growth. According to a report titled “Perspective of Haute Cuisine and Hospitality in Spain” presented by the Círculo Fortuny, there was a 13% increase in turnover, reaching 1,700 million euros in 2019. Ignacio Marcos, a senior partner at McKinsey & Company, attributes this growth to various factors that emerged after the COVID-19 pandemic.
One of the key driving forces behind the growth in luxury dining is the interest from tourists and “semi-residents” from LATAM and the USA who temporarily live in Spain and seek out these dining experiences. Additionally, changes in work models with less physical presence have led more people to travel to different cities for business reasons, where they take advantage of luxury dining experiences.
The luxury sector as a whole reached a total turnover of 17,000 million euros in 2022, with haute cuisine leading the way with a 13% increase. This growth has positioned haute cuisine ahead of other categories such as hospitality and wellness, fashion, accessories and leather goods, as well as cosmetics and fragrances.
At an event led by Círculo Fortuny’s president Xandra Falcheld, it was highlighted that haute cuisine and hospitality now represent 20% of all income associated with “luxury experiences” in Spain, amounting to 8.6 billion euros. The report also identified four types of local and global clients – the Connoisseur
