Sunday, 1 February 2026
Poland’s tourism industry is entering the winter holiday season with signs of improving financial stability, as overdue debts among hotels and travel agents continue to decline. According to the latest data from BIG InfoMonitor and the BIK, the total outstanding liabilities of hotels and tourist agencies remain close to PLN 1 billion, but the overall trend points to a gradual reduction. At the same time, consumer sentiment remains cautious, with households increasingly prioritising savings over discretionary spending.
Data from the registries show that overdue debt in the hotel sector declined by around seven percent year on year, while liabilities among travel agents fell by approximately 3.5 percent. Hotels are entering the winter season with outstanding obligations totalling PLN 842.4 million, a level that reflects continued improvement compared with previous years. Despite this progress, the sector still faces challenges related to payment discipline, as the share of companies struggling with timely settlement of liabilities remains higher than the economy-wide average.
An analysis of developments over the past three years highlights a gradual stabilisation of the tourism sector’s financial position. At the end of November 2023, overdue hotel debt stood at PLN 938.2 million. A year later, the total declined to PLN 905.1 million, although the number of indebted entities increased. The most recent data from November 2025 show a clearer improvement, with arrears falling to PLN 842.4 million and the number of indebted hotels decreasing. Even so, between 7.5 and 8 percent of hospitality companies continue to face payment difficulties, compared with around 4.5 to 5 percent across the broader economy.
Regional data indicate uneven conditions across the country. In regions closely associated with winter tourism, such as Silesia and Lower Silesia, the tourism sector’s outstanding debt remains relatively high, at PLN 92.5 million and PLN 84.2 million respectively. However, the downward trend seen in recent years has allowed businesses in these areas to enter the season with greater confidence. In Małopolska and Podkarpacie, regions popular with winter sports enthusiasts, outstanding liabilities are lower, amounting to PLN 37.3 million and PLN 18.7 million respectively. Although Podkarpacie still records a relatively high share of companies with arrears, the situation has improved compared with previous years, suggesting a gradual rebuilding of financial stability even in more challenged areas.
A similar pattern can be observed among travel agents and tour operators. While demand for travel is spread more evenly throughout the year, peak periods such as winter holidays still translate into higher booking volumes and improved cash flow. After a difficult 2024, when the number of agencies with overdue liabilities increased, the latest figures show a recovery. Outstanding debt among travel agents now totals PLN 71.7 million, and the number of indebted entities has fallen, pointing to a gradual improvement in the sector’s financial position.
According to Paweł Szarkowski, President of the Management Board of BIG InfoMonitor, the data suggest that the tourism industry has moved beyond a survival phase and entered a period of gradual stabilisation. He noted that companies have increasingly been able to use the recovery in demand to strengthen their balance sheets, rather than merely financing day-to-day operations, and that the simultaneous reduction of debt in both hotels and travel agencies indicates that restructuring measures introduced after the difficult year of 2024 have had a lasting effect.
On the demand side, however, consumer behaviour remains cautious. Research commissioned by BIG InfoMonitor shows that many households are weighing travel plans against the need to build financial reserves. Around one in three respondents plans to save money for potential future difficulties, while 30 percent intend to travel this year and a further quarter have yet to make a decision. Savings have become a central theme for 2026, with more than one fifth of respondents planning to set aside larger sums than last year, often by cutting everyday expenses. For many households, winter trips and short holidays are increasingly seen as discretionary spending that can be reduced or postponed in favour of building a financial buffer.
This cautious approach reflects broader expectations about personal finances. A significant share of respondents expects their financial situation to remain unchanged in 2026, which directly influences decisions on travel and leisure. As a result, consumers are more likely to opt for cheaper accommodation, limit additional attractions or shorten trips.
Waldemar Rogowski, chief analyst at BIG InfoMonitor, said that today’s tourists are increasingly analysing costs and planning travel with greater care. In his view, the lack of expectations for a significant improvement in household finances means that while travel remains an important part of lifestyle choices, financial security is taking precedence. This, he added, poses a challenge for the tourism industry, which must respond not only with attractive offers but also with greater cost transparency and predictability.
