Government Praises Tourism Boom: "The Best We Could Hope For"

Significant Growth in Overnight Stays Surpasses Expectations

The Regional Secretary for Economy, Tourism, and Culture, Eduardo Jesus, announced that the tourism statistics for October 2024 are "the best we could hope for." With 1.54 million overnight stays recorded in the month, this figure marks an extraordinary achievement for the region of Madeira.

Compared to the same period in 2023, October saw a 7.2% increase in overnight stays. This growth underscores the resilience and appeal of Madeira’s tourism sector, which continues to drive the region’s economy.

Accommodation Revenue Breaks Record, Surpassing 70 Million Euros

For the first time, revenues from accommodation exceeded 70 million euros. This record-breaking figure reflects the increasing value that tourism brings to the region. Eduardo Jesus highlighted that this growth is not just in the number of visitors, but also in the overall economic contribution of the sector.

We are on the verge of reaching 2 million visitors, with 1.912 million so far. Our RevPAR (Revenue Per Available Room) has grown cumulatively by about 13%, and revenues have increased by 14%.

Domestic Tourism Sees Double-Digit Growth

In October, the domestic market showed a significant rise, with a year-on-year increase of 18.1% in overnight stays. This surge places the national market closer to the dominant share traditionally held by UK tourists.

The month also welcomed over 200,000 guests, representing a 5% increase compared to October 2023. These are outstanding numbers for a sector that remains the engine of Madeira’s economy, Eduardo Jesus emphasized.

Year-to-Date Figures Near 10 Million Overnight Stays

From January to October 2024, Madeira has already reached nearly 10 million overnight stays. The total number of guests for the year so far stands at 1.912 million, bringing the region close to the milestone of 2 million visitors.

Eduardo Jesus concluded: "Therefore, we are witnessing confirmation of a 5.7% growth in quantity, but more importantly, a 13% growth in value. This means that Madeira is deepening and consolidating a trajectory that is more than desirable for the sector — that is, growing in value while continuing to demonstrate attractiveness through the number of visitors we receive."

Key Takeaways:

• 1.54 million overnight stays in October 2024.

• 7.2% increase in overnight stays compared to 2023.

• Accommodation revenues surpassed 70 million euros for the first time.

• Domestic tourism grew by 18.1%.

• Close to 10 million overnight stays recorded from January to October 2024.

Source: Diário de Notícias da Madeira