On the occasion of the month of pride and the importance of this event in Spain, specifically in Madrid, where one of the most important and largest parades in Europe takes place, Mastercard has used its data to analyze spending trends during these celebrations SpeedingPulse. It follows that Madrid Hospitality Sales Up 14.7% Compared to Pride 2022 And? Physical store sales grew 4.5% (excluding car sales), this year during the 10 days of Pride celebrations in the Spanish capital (from June 23rd to July 2nd).
The data collected by Mastercard’s SpendingPulse, which measures retail sales in physical stores and online across each form of payment, reflects nominal spending but is not adjusted for inflation.
“The celebration of Pride has always been a boom for the hospitality and commercial sector in a city like Madrid and this year was no exception. Once again, the celebration was an opportunity for people from all over Europe to visit the capital and for Madrileños to get out and join in the fun, as evidenced by strong increases in growth in sectors such as gastronomy, accommodation and fashion comment Natalia Lechmanova, Senior Economist for Europe at the Mastercard Economic Institute.
The impact of Pride 2023 on Madrid is summarized in data as follows:
- retail sales during Pride in Madrid in 2023 increased by 4.4% in relation to the celebration of the previous year. Aside from that, Physical store sales increased 4.5%.
- Clothing sales increased showed solid growth of 8% compared to 2022, the day of the Pride march in Madrid. In the same way, The jewelry industry increased its sales on the day of the parade alone by 54.3% compared to the previous year.
- The lodging sector was strengthened as revenue rose 13.2% compared to 2022 and recorded a 29.6% increase on July 1, the day of the parade, compared to the same day last year.
- The food sector increased its turnover by 32.3% during Pride Madrid 2023 compared to last year.
- The hospitality industry also increased its sales by 14.7% Compared to 2022 and especially the day before the parade, these increased by 22.9% compared to the same day last year.