The Economic Impact of Yacht Charter Tourism on the Balearic Economy

Abstract

This paper evaluates the impact of yacht charter tourism on the economy of the Balearic Islands, one of the most popular yachting tourism destinations in the Mediterranean. Empirical evidence, from a sample of yacht charter tourists and a database on charter firms in the Balearics provided by the National Charter Federation, gives information on daily tourist expenditure, the number of charter tourists and firms' turnover and employment. More than 100,000 tourists come annually to the Balearics to charter yachts. Average daily expenditure per tourist, including charter cost and other spending on hotel accommodation, bars and restaurants, shopping and other items, is €170; however, average daily expenditure varies depending on the typology of boat rented. When tourist spending in the country of origin is included, average daily expenditure rises to €203.90. Daily expenditure is higher than that of a traditional tourist (€105.20) and similar to that of a golf tourist (€211). Finally, yacht charter activity in the Balearics contributes to the generation of around 866 jobs in the archipelago.