TravelBI by Turismo de Portugal

Markets

Argentina

Market Characterization for Portugal

In 2023, Argentina positioned itself as the 30th tourist market for destination Portugal measured by the overnight stays indicator (share: 0.3%) and the 28th in guests (0.4%). In 2023, the Argentine market recorded around 76.8 thousand guests (var.23/22: +31.6%) who generated 182.0 thousand overnight stays (var.23/22: +34.7%). It stands out as the 38th market in terms of tourism revenue with €42.9 million, 27.1% more than in 2022.

In terms of overnight stays, Greater Lisbon was the main destination for Argentinian tourists visiting Portugal (48.5%), followed by the North (27.5%) and the Algarve (12.2%). In terms of type, overnight stays in hotels predominated (59.1%), followed by local accommodation (30.5%) and apartment hotels (4.8%).

Portugal ranked 27th in total outbound air flows from the Argentinian market. Given the lack of direct flights, the main airlines were: Iberia (share: 47.6%), Air Europa Lineas Aereas (20.6%), Latam Airlines (16.4%), Lufthansa (6.2%), Air France (3.7%), British Airways (2.1%) and others (4.5%). The majority of operations originate in the city of Buenos Aires (share: 95.2%).

It should be noted that Argentine tourists have an average stay of 19.3 nights in Portugal (ForwardKeys, 2024); the majority buy airline tickets through indirect channels (share: 75.9%); and travel as a couple (38.6%).

Greater Lisbon will account for 52.3% of the 7.7 million euros in purchases made by cards originating in Argentina in 2023. The North comes in 2nd place with 25.9% of spending, followed by the Algarve (11.7%) and the Center (5.0%).

2024 Position | Year-over-Year Change

Guests 0.1M 31º | -2.5%

Overnight stays 0.2M 32º | -7.3%

Tourism revenue 41.5M€ 42º | -6.8%

Market Profile

Change 24/23

45.7 M Population

0.3 %

26389.7 USD GDP per Capita

-1.4 %

249.8 % Inflation Rate

116.3 pp

15.2 % Savings Rate

0.0 pp

Argentina is a South American country with 47.07 million inhabitants in 2023 and the 34th largest economy in the world.

According to Globaldata, Argentina was the world's 42nd largest tourist market in 2023, generating 8.1 million trips and accounting for 0.6% of total global tourism demand. Around 17.5% of flows are concentrated on the European continent. The main source regions for Argentine tourists to Portugal were Buenos Aires (95.2% share), Cordoba (3.6%), Mendoza (1.6%) and other cities (0.2%).

In turn, 39.9% of trips abroad made by Argentine tourists in 2023 were by air, 49.7% were by land and 10.4% by sea.

Perspectives

The IMF's latest figures show that Argentina's economy will shrink by 1.6% in 2023 and contract by 3.5% in 2024, but should grow by 5% in 2025 and 2026. However, despite reducing inflation from 211% to 117% and achieving the first annual fiscal surplus in 14 years, these indicators come at a social cost: recession and the loss of hundreds of thousands of jobs.

According to GlobalData, between 2024 and 2028 international departures by Argentine tourists abroad are expected to grow at a CAGR of 5.9%, to reach a total of 12.7 million departures in 2028. Spending by Argentine tourists abroad is expected to increase at a CAGR of 10.3% over the same period.

According to estimates by OAG Scheludes Analyser, for the 2024 summer season compared to 2023, the following number of airline seats available for the main European destinations (April 1 to September 30, 2024) was evaluated: Spain: 380,000 seats (+22.7%), Italy: 95,000 (+16.1%), Germany: 40,000 (+0.1%) and France: 30,000 (-14.4%).

Analyzing the volume of capacity scheduled from Argentina for this winter 2024-2025 (from October 1, 2024 to March 31, 2025), the following number of airline seats available for the main European destinations: Spain: 400,000 seats (+19.4%), Italy 105,000 (+10.5%), Germany: 30,000 (+2.2%) and France: 25,000 (-5.8%). Google Destination Insights' share of accommodation searches reveals that Spain leads the European countries with a share of 11.8%, followed by Italy (6.6%), France (3.3%), the United Kingdom (2.3%), Portugal (0.7%) and Turkey (0.6%), in the period from January to August 2024.