Big spending Brits boost Mallorcan economy
Mallorca and the other Balearic Islands are having a boom year. From January to June visitors spent more money than ever, and €400 million more than the same period last year. Foreigners spent €3750 million and Spanish tourists €638 million, figures which are a result of more people visiting and spending more per day than before.
Leading the charge are the Brits who have seen their currency, the Pound Sterling, increase in value against the Euro over the last year or so to £1 = €1.40. It's not that long ago that the Pound and Euro were almost at parity and flights out of Palma to the UK were full, not with returning British holiday makers, but Spanish going on shopping sprees in Britain.
Now the tables are turned and 'loadsamoney' Brits are throwing their cash around like there is no tomorrow. Most sectors of the economy are reporting good sales figures and most are saying that it's the British visitors doing all the buying. Restaurants, bars, fashion shops are reporting sales increases of up to 25% led by the British as opposed to Eurozone visitors.
It's good news for the economy as a whole as it appears that much more money is being spent outside the hotels. Supermarkets report sales increases on basic food and drink of around 10% on normal figures because of holiday makers staying in villas and in the nautical sector.
That really is good news, especially for local people who've found employment as businesses take on extra staff to meet the increased demand from tourists for goods and services.
So, fancy joining us for a shopping spree? Then why not treat yourself to some very affordable FIVE STAR accommodation? Have a browse through our hotel section and see just how cheap it can be. I've booked in at the Can Alomar in the middle of Palma to celebrate my birthday and it's costing me £10 a night less than the small hotel in the Cotswolds I'm staying at in October!