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BIG BUSINESS Lanzarote's Tourist Industry Worth €2664 Million

Wednesday May 25, 2016

BIG BUSINESS Lanzarote's Tourist Industry Worth €2664 Million

Ever wondered just how big an industry tourism is on Lanzarote? Well according to the official number crunchers this sector generated a cool €2,664 Million last year alone as the market expanded by 5.7%. And it looks set to hot up even further this year as Lanzarote expects to welcome another record breaking number of tourist arrivals.

After the onset of the crisis in 2007 and 2008 the island's tourist industry remained relatively depressed, as the sector failed to turnover more than €2000 million in succesive years before finally breaking through that barrier in 2013.

Since then revenues have been on the up and confidence is seeping back into the island economy as a result.

Last year, tourists spent an average of €128 per per person per day on their holidays in Lanzarote. Although around 75% of this figure was spent in their country of origin, mainly on flights and accommodation.

Locally based businesses such as bars, restaurants and shops absorb the remaining 25%, which equates to €34.2 per day - a figure that has actually declined over the last decade, thanks largely to the rise of the all inclusive deal. So whilst overall expenditure has grown less money is reaching the island direct, whilst more heads into the coffers of the big holiday companies.

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