As the Banco de España recently identified, developments in tourism represent one of the key pointers to understanding the sound performance of Spain’s economy relative to that of Europe. Looking ahead to 2024, a raft of serious doubts persist such as, for example, how far-advanced recovery is in major markets such as Germany or Britain, or the sustainability of price rises in the sector. In this note we set out our view of the tourist industry going into next year and examine the various different markets of origin as well as the macroeconomic arguments that shape how they evolve.