Foreign purchases during Easter week represented 26% of total turnover recorded in Portugal, between March 25 and 31, 2024. This is the main conclusion of REDUNIQ Insights, a report by REDUNIQ, the largest national network for accepting national and foreign cards and the UNICRE brand.
It was the contribution of tourists from Spain (12%), the United Kingdom (12%), the United States (11%), Ireland (11%) and Germany (8%) that most boosted the performance of Portuguese businesses. Data that Tiago Oom, Chief Commercial Officer of UNICRE and official spokesperson for REDUNIQ Insights, considers “very positive, and which reflects the growth curve in demand for Portugal as a holiday destination, a trend that has been consolidating in recent years".
At the same time, the expert also mentions as a positive point the fact that this trend is “crucial for the digitalisation of business, as foreign consumers are the first to bring a need for new forms of payment, a scenario that results in the greater interest of marketers to incorporate these new methods and respond to emerging consumer behaviours”.
Where are foreigners spending the most?
When analysing the regions where the weight of foreign consumption was most significant, during Easter week, the regions of Madeira (47%), Faro (46%), Lisbon (27%) and Viana do Castelo (27%). Specifically in the hotel sector and tourist activities, the weight of foreign turnover stood at 78%, with the districts of Faro (86%), Madeira (86%), Lisbon (83%), and Porto (78%) having demand equal to or greater than last year. In the restaurant sector, the weight of foreign consumption reached 36%, with emphasis on the regions of Faro and Madeira, which recorded a value of 63% and 53%, respectively.
National consumption also increased during the Easter weekend (from 29 to 31 March), compared to last year, registering an increase in turnover and the number of transactions of 12% and 10%, respectively. Indicators that justify the increase in total turnover of 8%
It only shows true power of purchase of Portuguese. Sad.
By Robert from Lisbon on 05 Apr 2024, 22:37
How much of tax revenue do they, especially non-residents, account for?
This may seem a sour comment but it's one a venician or a Londoner know only too wet: tourists may account a LARGE part of spending but also place heavy pressure on infrastructure. At 5% or 10% of spwndi, they're a wellcome boost the local economy. Anywhere above 25% they're a strain on infrastructure paid for by residents (including foreigner residents who pay taxes).
By Rui Duarte from Algarve on 07 Apr 2024, 10:22