After two summers in which the pandemic has been a disruptive force, the health situation is no longer such an impeding factor to the arrival of international tourists in Spain. In this context, it is sensible to analyse which are the other variables that may guide us in anticipating the evolution of tourism going forward, namely, household spending power amidst spiralling inflation globally and the impact the Ukrainian war may have on American, Asian and Russian travellers. This note sets out our forecasts for total tourism expenditure in Spain this summer, based on data and broken down by its key catalysers: tourist volume, length of stays, daily tourist expenditure, inflation, actual expenditure etc.