Foreign spending in Portugal soars by 82.5%

• 5 October, 22

Businesses in Portugal recorded an increase in billing of over 30% this summer compared to the same period in 2021 according to a report by ECO.

After a year-on-year growth of 45% in billing with national and foreign cards in the first six months of this year, Portuguese businesses continue the trend of recovery after the Covid-19 pandemic, having billed an additional 32.2% between 1 July and 15 September compared to the same period last year.

According to data from “REDUNIQ Insights”, to which ECO had access, there was a year-on-year growth of 19.6% in billing through national cards in the period under analysis, while consumption by foreigners in Portugal increased by 82.5%.

Of billing via international cards, the French account for the largest share (18%), despite the fact that their weight in total consumption has fallen by seven percentage points. Behind France comes the United Kingdom, with 14% of of foreign consumption in Portugal this summer, followed by Ireland (11%), the United States (10%) and Spain (9%).

Car rental boom

Among the different sectors of activity, the rent-a-car businesses recorded the best performance, with a year-on-year increase in total turnover (domestic and foreign cards) of 85% in the period from 1 July to 15 September. The total turnover of hotels and restaurants, two other areas associated with tourism, also had a high rise – by 71% and 50%, respectively – compared to the same period in 2021.

This strong growth in tourism business is also associated with the return of foreign tourists to Portugal, which contributed to an increase in hotel revenue by 117%, vehicle rental revenue by 110% and restaurant revenue by 98%.

Cre: Portugalnews