Despite economic and geopolitical challenges impacting people’s daily lives, the health sector has not experienced setbacks. A report on haute cuisine and hospitality in Spain presented by the Crculo Fortuny reveals a 13% increase in turnover, reaching 1,700 million euros in 2019. Ignacio Marcos, a senior partner at McKinsey & Company, attributes these figures to various factors that emerged after the COVID-19 pandemic.
Marcos explains that the growth in luxury dining experiences can be attributed to factors such as tourism, with a growing interest in haute cuisine, as well as the presence of ‘semi-residents’ from LATAM and the USA temporarily living in Spain. Changes in work models, with reduced presence in offices, have also contributed to more people traveling to different cities for business reasons and enjoying luxury dining experiences.
The luxury sector as a whole saw a total turnover of 17,000 million in 2022, with haute cuisine leading the way with a 13% increase. This positions haute cuisine ahead of other categories such as hospitality and wellness, fashion, accessories, leather goods, and cosmetics and fragrances.
During an event led by the president of the Crculo Fortuny, it was announced that haute cuisine and hospitality now represent 20% of all income associated with luxury experiences in Spain, reaching a total of 8.6 billion euros. The report identified four types of local and global clients: the ‘Connoisseur’, the ‘Visible’, the ‘Experiential’, and the ‘Hedonist’, each with different consumer behaviors and preferences.
Spain has seen significant growth in Michelin-starred restaurants, with a 47% increase in establishments with this distinction compared to 2015. This growth extends beyond major cities like Barcelona and Madrid to cities like Gerona, the Balearic Islands, Alicante, Asturias, Vizcaya, and Guipzcoa. Despite initial economic growth projections for 2027 ranging from 10% to 12%, the report now estimates a growth of 8% and a total turnover of 2,700 million euros due to international political uncertainties.