Haute Cuisine and Hospitality Boom: Spain’s Luxury Dining Industry Surges Amid Economic and Geopolitical Uncertainty

The economic and geopolitical crises have not dampened the growth of the health sector, as evidenced by a report titled “Perspective of Haute Cuisine and Hospitality in Spain” presented by the Círculo Fortuny. In 2019, the sector experienced a 13% increase in turnover, reaching a record 1,700 million euros. Ignacio Marcos, a senior partner at McKinsey & Company, attributes this growth to several factors that emerged following the COVID-19 pandemic.

One of the primary 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 as a whole achieved a total turnover of 17,000 million euros in 2022, with haute cuisine leading the way with an impressive 13% increase. This growth has positioned haute cuisine ahead of other categories such as hospitality and wellness, fashion and accessories, cosmetics and fragrances, among others.

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 approximately 8.6 billion euros. The report also identified four types of local and global clients – the Connoisseur, Visible, Experiential, Hiker – each with their own preferences and characteristics.

Spain’s position as the fifth country in the world with Michelin-starred restaurants has been further strengthened by a significant increase in establishments receiving this distinction since 2015. Haute cuisine is no longer limited to large cities like Barcelona or Madrid but has expanded to include cities like Girona on Balearic Islands Alicante Asturias Vizcaya Guipúzcoa among others.