The economic and social value of spa tourism: The case of balneotherapy in Maresme, Spain

Abstract

The aim of this article is to assess both the economic and social value of balneotherapy andspa tourism, being the first paper in carrying out this analysis. The study has been conductedin Maresme, a region of Catalonia, Spain. On the one hand, an Input-Output (IO)model with a Social Accounting Matrix (SAM) has been carried out to assess the economicvalue. On the other hand, a Cost-Benefit Analysis (CBA) has been used to monetise thesocial value in this region, taking into account, among other concepts, direct and indirecthealth profits, given that balneotherapy helps to alleviate various diseases. The resultsshow that whereas the economic multiplier is 1.529 considering the direct and indirecteffects and 1.712 taking into account also the induced effects, which are similar to healthand medical tourism multipliers, social value generates additional positive value, given thatthe cost-benefit ratio is 1.858. The theoretical implications of the paper as well as the findings’implications for policy so as to encourage investments in spa tourism are discussed.