Unstoppable Growth: The Factors Driving the Healthcare and Luxury Dining Industries in Spain Amid Economic Crises

The economic and geopolitical crises have not slowed down the growth of the health sector, as evidenced by a 13% increase in turnover, reaching €1,700 million 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 drivers of growth in the luxury dining sector 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 opportunities.

The luxury sector has seen significant growth, with a total turnover of €17,000 million in 2022. Haute cuisine has been 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, cosmetics and fragrances.

At an event led by Xandra Falcheld, president of Círculo Fortuny, 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. The report also identified four types of local and global clients – Connoisseur, Visible, Experiential and Hiker – each with their own preferences and characteristics.

Spain’s position as the fifth country in the world with Michelin-starred restaurants shows a significant increase in establishments with this distinction since 2015. Haute cuisine is no longer limited to large cities like Barcelona and Madrid but has expanded to include cities like Girona, Balearic Islands