MADRID NEWS TOP STORY: Spending soars in Madrid thanks to the Climate Change Summit

THOSE that live in the centre of Madrid may have escaped the city over with the surge of protestors making their way to United Nations’ Climate Change Summit this week.

However, reports have indicated that spending by tourists has dramatically increased since the conference converged on December 2, boosting trade for hotels, restaurants and shops in the capital.

According to figures from the Hotel Business Association of Madrid (AEHM), occupancy in hotels for the duration of the summit is currently at 70%, and is expected to reach 90% with last minute bookings over the public holidays – an increase of bookings from the same period last year.

Commercial establishments have also seen a surge in profits thanks to the estimated 25,000 international visitors who have travelled to Madrid to either take part in the summit or join the mass demonstrations to protest against climate change until December 13.

In addition, the Tourist Expenditure Survey (EGATUR) estimates that each individual will spend an average of €265.50 for the duration of the summit. Madrid City Council estimates that the direct impact of the expenditure will rise to over €73 million euros while direct revenues are expected to reach €93 million during this period.