After tourism in Spain reached record figures in 2023, the sector has established itself as one of the engines of the Spanish economy. In a post-pandemic scenario such as the current one, many doubts have arisen regarding the sustainability of this scenario, given a possible end to the ‘champagne effect’. Therefore, in the note we are publishing today, we update our view on the sector for 2024 by analysing its sustainability through its risks and uncertainties. We will seek to answer, among others, the following questions: